Donald Trump's World Liberty Financial (WLFI) has announced that its new stablecoin, USD1, will be the regulation currency for an investment of $ 2 billion per MGX based in Abu Dhabi in Binance.
The revelation, made at the TOKEN2049 conference in progress in Dubai by the co-founder of WLFI, Zach Witkoff, marks an important step for the stable of Stablecoin, which has reached an assessment of $ 2.1 billion in record time despite its absence of major centralized cryptography exchanges.
A quick ascent for USD
Witkoff has formulated partnership as a vote of trust in the stability and usefulness of the USD1. We thank MGX and Binance for their self-confidence, ”he said.
Eric Trump, also present at the Dubai event, noted that digital assets like USD1 could “disintermediary financial institutions” and reduce dependence on unreliable governments or currencies. His rhetoric conforms to that of his father, the pivot of the American president Donald Trump of the skeptical crypto to the self-analyzed champion of the industry.
While the MGX agreement for a minority participation in Binance was announced for the first time in March, the decision to use USD1 for the regulations has been maintained under Wraps so far. The $ 2 billion agreement was the largest financing agreement concluded with a cryptographic platform and the biggest to pay Stablecoin.
The rise of the USD1 is nothing less than meteoric. In the weeks following its launch, its market capitalization passed beyond the billions of dollars, exceeding the first performance of more established rivals like USDT by Tether and USDC de Circle.
With 2,127,970,381 units circulatedStablecoin now has a market capitalization of more than $ 2.1 billion. Witkoff recently took celebrate The milestone, with BitGo, the USD1 childcare and infrastructure supplier, calling it “the fastest increase from $ 1 to 1 billion in stable stables”. The company has played a major role in the development of the USD1, using its stable-co-as-a-service platform to support the rapid scaling of the assets.
Initially deployed on Ethereum and Binance Smart Chain (BSC), Stablecoin should develop in the Tron network, including the founder Justin Sun, has invested $ 75 million in WLFI earlier in the year.
Stablecoin hierarchy threatened?
The explosive growth of the part stuck in the US dollar occurs in the middle of the intensification of competition in the stablescoin sector, some raising eyebrows on its political associations and its rapid adoption by institutional actors such as MGX.
However, its valuation of $ 2 billion is far from 149.3 billion dollars in the USDT, which represents more than 61% of the assessment of the total market of the stable market. Previously, it has been reported that the USDT dominates Tron, with a share of 98.5% of the network stablecoin supply, people like USDD, TUSD and USDC representing 1.15%, 0.26% and 0.06% respectively.
However, USD1 has not yet been listed on major centralized exchanges like Binance and Coinbase, and the observers expect these lists to widen its liquidity and release the hierarchy of Stablecoin spectacularly.
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