World Liberty Financial (WLFI) said during a stablecoin panel at Token2049 in Singapore that it plans to push USD1 onto major online businesses. Mesh co-founder and CEO Bam Azizi said the payments infrastructure provider has partnered with WLFI, allowing USD1 holders to spend the stablecoin across Mesh’s merchant network, with a launch targeted for this quarter. WLFI is backed by the family of U.S. President Donald Trump. Its stablecoin, USD1, is currently issued by BitGo and is backed by reserves that include cash, U.S. government money market funds, and other cash equivalents to maintain a $1 value. USD1’s market capitalization stands at about $4.45 billion. WLFI CEO Zach Witkoff also said the company currently relies on BitGo for issuance, but plans to take over issuance itself once it obtains approval tied to its national trust bank plans. In August, the Office of the Comptroller of the Currency conditionally approved WLFI to establish a national trust bank for issuing dollar-backed stablecoins and custodying digital assets.
World Liberty Financial (WLFI) said at a stablecoin panel during Token2049 in Singapore that it plans to bring USD1 to major online enterprises.
Mesh co-founder and CEO Bam Azizi said the payments infrastructure provider has reached a partnership with WLFI. Under the plan, USD1 holders will be able to use the stablecoin through Mesh’s merchant network, with the rollout scheduled for this quarter.
WLFI is backed by the family of U.S. President Donald Trump. Its stablecoin, USD1, is currently issued by BitGo. The reserves behind the token include cash, U.S. government money market funds, and other cash equivalents, with the aim of maintaining a $1 value. USD1 has a market capitalization of about $4.45 billion.
On the regulatory side, the Office of the Comptroller of the Currency (OCC) conditionally approved WLFI in August to establish a national trust bank for issuing dollar-backed stablecoins and custodying digital assets.
WLFI CEO Zach Witkoff said USD1 is currently issued through BitGo. Once the trust bank license is obtained, WLFI plans to assume issuance responsibility itself.
The update was reported by Cointelegraph.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
