WLFI plans to launch a stablecoin for institutions, USD1

ChainCatcher news, World Liberty Financial plans to launch an institutional stablecoin USD1.

The stablecoin can be exchanged 1:1 for US dollars and will be 100% backed by short-term U.S. government bonds, dollar deposits, and other cash equivalents. It will initially be minted on the Ethereum (ETH) and Binance Smart Chain (BSC) blockchains, with plans to expand to other protocols in the future. It is reported that the USD1 reserves will be custodied by BitGo.