💨 Abstract

Donald Trump's World Liberty Financial venture plans to launch a dollar-pegged stablecoin, USD1, backed by U.S. Treasuries, dollars, and cash equivalents. It aims to facilitate secure cross-border transactions for major institutions. The stablecoin will be held in custody by BitGo and launched on Ethereum and Binance Smart Chain blockchains. The venture has already raised over half a billion dollars from selling a separate digital token.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖