Coinbase, one of the largest crypto exchanges in the world, has shared its plans to list World Liberty Finance’s stablecoin, USD1.
However, the company confirmed that “transfers and trading are not supported for these or any other assets until a listing is officially announced. Depositing these assets into your Coinbase account before an official announcement may lead to permanent loss of funds.”
This is gaining some audience from the space because of the stablecoin’s ties with the U.S president Donald Trump. The issuer, World Liberty Finance, is a DeFi project co-founded by the Trump family and strongly branded around Trump’s persona.
The stablecoin runs on both Ethereum and BNB Smart Chain, and was launched in March this year. Since then, It has been marketed with themes such as “made-in-America” and linked directly to Donald Trump’s political brand. Over the past year, it slipped 0.22% in value, according to CoinMarketCap.
Interest in the token rose sharply earlier this month after Federal Reserve Governor Christopher Waller praised stablecoins. “I believe that stablecoins have the potential to maintain and extend the role of the dollar internationally,” Waller said at a blockchain conference in Wyoming.
Hours after the speech, World Liberty minted $200 million worth of USD1 for its treasury, which raised its total supply to 2.4 billion tokens. This was its first major increase since April.
In addition, the stablecoin has quickly become the world’s fifth largest, closely following Tether and Circle’s USDC, which still dominate the market with 60% and 24% shares respectively.
Eric Trump, son of President Trump also Executive Vice President of The Trump Organization, who is actively working on the WLFI project, revealed that apart from Coinbase listing more news to come very soon.
Meanwhile, World Liberty’s treasury now stands at $548 million, its highest level ever, with USD1 holdings worth $212 million. The project also holds 19,650 Ether and large stakes in Aave Ethereum USDT.
Coinbase has not revealed an exact launch date, but adding USD1 to its roadmap is seen as a step ahead for the young project.
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