World Liberty Financial (WLF) launched in mid-2024 and was officially unveiled in September 2024. The company's website lists Donald J. Trump as “co-founder emeritus,” with Donald Trump Jr., Eric Trump, and Barron Trump as co-founders, alongside Zach Witkoff, who serves as the company's operational lead. An LLC affiliated with the Trump family (DT Marks DEFI LLC) owns roughly 38% of World Liberty Financial.
-
October 2024: sales of the WLFI governance token (in two rounds) raised a combined $550 million.
-
March 25, 2025: the USD1 stablecoin launches on Ethereum and BNB Chain, pegged 1:1 to the US dollar, backed by short-term US Treasuries, dollar deposits, and cash equivalents.
-
Custodian: BitGo Trust Company; part of the reserves is managed through government money market funds, with BlackRock named among the asset managers; the issuer claims monthly audits.
-
May 2025: MGX, an Abu Dhabi state-backed investment fund, used $2 billion worth of USD1 to settle its investment in Binance — announced by Zach Witkoff at the Token 2049 conference in Dubai, flanked by Eric Trump and Justin Sun (founder of TRON). This event thrust USD1 into the global spotlight and pushed its circulating supply past $2 billion within months.
IMPORTANT distinction: USD1 (the stablecoin, the subject of this chapter) and WLFI (World Liberty Financial*'*s governance token, a separate, far more volatile asset with a maximum supply of roughly 100 billion) are two entirely different products from the same company — they should not be confused.