A noteworthy proclamation arrives at an exhilarating moment, as two distinguished bills regarding stablecoins wend their way through the hallowed halls of Congress.
Lo and behold! A New Stablecoin is on the Horizon, Courtesy of the Esteemed World Liberty Financial
World Liberty Financial, henceforth referred to as WLFI to save us from excessive punctuation, has declared its intentions to unveil a charming little USD stablecoin known rather unimaginatively as “USD1.” This thrilling tidbit was shared in a posting on the past Tuesday, simply replete with enthusiasm.
This crypto venture, which delights in claiming itself as a “pioneering DeFi protocol and governance platform,” has merely recently managed to secure the princely sum of $550 million through two rather fortuitous token sales, with 75% of said funds being funneled to a Trump-associated enterprise dubbed DT Marks DEFI LLC. How utterly philanthropic! 🎩
Last week, our illustrious President Trump took it upon himself to sing the praises of stablecoins while holding court at the Blockworks Digital Asset Summit. With a flair for persuasion, he described this asset class as a magnificent means to elevate the venerable status of the U.S. dollar. “With the dollar-backed stablecoins, you’ll help expand the dominance of the U.S. dollar,” he proclaimed, as if the U.S. dollar required a bodyguard and a superhero cape. (Last Thursday)
Perchance the President’s oration was the ideal prelude for WLFI’s flamboyant announcement, heralding yet another stablecoin that they assure us will be “100% backed by short-term U.S. government treasuries, U.S. dollar deposits, and other cash equivalents” while maintaining a “conservative approach.” Yes, because in a world replete with over 200 stablecoins, what we truly needed was yet another one, am I right? 😏
“USD1 delivers what algorithmic and anonymous crypto projects simply cannot: access to the resplendent world of [decentralized finance] DeFi, firmly upheld by the credibility and safeguards of the most respected names in traditional finance,” stated WLFI co-founder Zach Witkoff, perhaps while draping himself in a velvet robe for extra effect.
The charming new asset will engage in trading on a 1:1 basis with dear old U.S. dollar, much like its stablecoin counterparts, and the fine folks at WLFI promise it will be audited regularly because who doesn’t love a good audit? It shall take its first flight upon the esteemed Ethereum and Binance Smart Chain networks, although they seem to be keeping the exact launch date under their hat. How delightfully suspenseful! 🎭
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2025-03-25 19:28