World Liberty Financial-Labeled Tokens Spark Speculation of Trump-Backed Project's Stablecoin Launch

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By Krisztian Sandor | Edited by Nikhilesh De Mar 24, 2025, 9:54 p.m. UTC What to know : World Liberty Financial (WLFI), a DeFi platform backed by U.S. President Donald Trump, is speculated to be testing a dollar stablecoin on the Ethereum and BNB Chain networks. The token labeled as USD1 has seen a flurry of activity, including transfers linked to digital asset trading firm Wintermute and crypto custodian BitGo, and has a supply of around 3.5 million on both networks. WLFI stated that USD1 is not currently available for trading and has warned users to beware of scams. Crypto observers were speculating on Monday that World Liberty Financial (WLFI), the decentralized finance (DeFi) platform backed by U.S. President Donald Trump and his family, might be testing its long-awaited dollar stablecoin before rolling out for the broader public. STORY CONTINUES BELOW Don't miss another story. Subscribe to the The Protocol Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . Blockchain sleuths earlier today noted a flurry of activity with a token labeled as World Liberty Financial USD (USD1) on blockchain monitoring websites Etherscan and BscScan . Blockchain data shows that USD1 was deployed earlier this month on the Ethereum and BNB Chain networks and series of transactions with the token occurring over the past couple weeks. Some transfers included addresses linked to Wintermute, a large digital asset trading firm and market maker, and crypto custodian BitGo, according to Arkham Intelligence data. The token's supply currently stood at around 3.5 million-3.5 million on Ethereum and BNB Chain, per Etherscan and BscScan. Blockchain transactions with the USD1 token on Ethereum (Arkham Intelligence) Changpeng CZ Zhao, founder of crypto exchange giant Binance, brought widespread attention to the token by "welcoming" the project on BNB Chain in a post with a screenshot of the USD1 BscScan profile shared with his 10 million followers. The post, he later said , triggered a wave of copy-cats aiming to capitalize on the new-found attention. WLFI, reacting in a X post , said USD1 is not currently available for trading and crypto users should beware of scams. Stablecoin buzz WLFI, a project spearheaded by Zachary Folkman and Chase Herro, made a splash last year as one of the first crypto projects enjoying the backing of Trump. The protocol aims to provide a blockchain-based marketplace where users can borrow and lend cryptocurrencies, create liquidity pools and transact with stablecoins. It's been widely known that the project is working on crafting its own stablecoin, but there hasn't been any official communication about exact plans and timing of launching the token publicly. CoinDesk has reached out to the team, but hasn't received any replies. Stablecoins are one of the fastest-growing corners of the crypto industry and widely regarded as the killer use case for blockchains. With their prices pegged to an external asset, predominantly to the U.S. dollar, they are widely used as a crypto trading pair and transactions on blockchain rails. They are also increasingly used for everyday payments, remittances and savings, attracting the attention of many venture capital investors. Buzz around the asset class rejuvenated over the past months as the Trump administration elevated stablecoin regulation to the top of its crypto agenda. Treasury Secretary Scott Bessent said that stablecoins have a key role in preserving the U.S. dollar's global role as a reserve currency. World Liberty Financial Donald Trump DeFi Stablecoins Krisztian Sandor Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University's business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH. X icon About About Us Masthead Careers CoinDesk News Crypto API Documentation Contact Contact Us Accessibility Advertise Sitemap System Status DISCLOSURE & POLICES CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies . CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. 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