Trump-backed World Liberty Financial plans USD1 stablecoin audit and new app launch

World Liberty Financial, the Trump-affiliated crypto firm behind the USD1 stablecoin, is preparing to release its first audit and launch a mobile app aimed at retail users. The update was shared by WLF co-founder Zak Folkman on June 25 in a Blockworks interview during the Permissionless conference in Brooklyn, as reported by Reuters. The audit, which is expected to be completed in a few days, will provide details on the reserves backing USD1, which has grown to a $2.2 billion market cap since launch in March. The stablecoin is backed by U.S. dollar deposits, cash equivalents, and U.S. Treasuries. It runs Ethereum ( ETH ), BNB Chain ( BNB ), and TRON ( TRX ), with BitGo acting as the custodian. Folkman said WLF will begin publishing monthly reserve reports going forward. WLF is also preparing to roll out a mobile app designed to make using crypto simpler for everyday investors. “We’re going to have very transparent auditing from a financial level,” Folkman said. You might also like: Alchemy Pay integrates World Liberty Financial’s USD1 stablecoin He also hinted that WLFI, the platform’s non-tradable governance token, could soon become tradable. “If you pay attention over the next couple of weeks, I think everyone’s going to be very, very happy,” he added. WLFI currently allows holders to vote on protocol changes but is not listed on exchanges. Although WLFI and USD1 have brought in hundreds of millions of dollars for Trump’s family business , they have also come under fire from lawmakers and critics. The timing of Trump’s cryptocurrency ventures has been questioned by ethics watchdogs, particularly as his administration rolls back regulatory oversight in the industry. The Trump family allegedly pocketed over $130 million after reducing their ownership of WLF from 60% to 40% in June, a move that reportedly brought in a total of about $190 million. Despite the criticism, adoption continues. The stablecoin has been gaining traction among institutional users. USD1 was used in a $2 billion investment in Binance by MGX, a UAE-based firm in March. Earlier in June, a $4 million USD1 airdrop reached over 85,000 wallets, boosting awareness and confidence in the stablecoin’s infrastructure. Thanks to new tools, growing demand, and an expanding user base, WLF appears to be establishing USD1 as a major player in the stablecoin market. Read more: USD1 stablecoin launches on TRON amid major governance update

Source: crypto.news