Trump-backed crypto firm World Liberty Financial (WLF) is making waves with big plans for its USD1 stablecoin. The company is preparing to release its first audit report and launch a user-friendly mobile app aimed at everyday crypto users.
The updates were disclosed by WLF co-founder Zak Folkman in an interview at the Permissionless conference in Brooklyn on June 25. The upcoming audit will show the reserves backing USD1, which already holds a $2.2 billion market cap just months after launching in March.
The stablecoin is backed by U.S. dollar deposits, Treasuries, and cash equivalents and runs on Ethereum, BNB Chain, and TRON, with BitGo as custodian.
Folkman confirmed that monthly reserve reports will follow the initial audit to boost transparency. “We’re going to have very transparent auditing from a financial level,” he said. Alongside the audit, WLF is also launching a mobile app designed to simplify crypto for new users.
Folkman also teased that WLFI, the platform’s governance token, could soon be tradable. Though not yet listed on exchanges, WLFI currently gives holders the power to vote on protocol changes.
Despite criticism from lawmakers and ethics watchdogs over Trump’s stake in WLF, adoption is growing. USD1 played a key role in a $2 billion Binance investment by UAE-based MGX and reached 85,000 wallets in a $4 million airdrop.
The actions of WLF demonstrate that it is not joking about turning USD1 into a significant stablecoin player, and they are only starting.
Also Read: Trump Quietly Cuts Crypto Stake from 60% to 40% in WLFI
