Trump-backed crypto bank joins stablecoin wars with new dollar-pegged token

The World Liberty Financial website arranged on a smartphone in New York, US, on Wednesday, Feb. 12, 2025. The development comes as the market cap for dollar-backed stablecoins — cryptocurrencies that promise a fixed value peg to another asset — has been climbing to new all-time-highs this year and has grown more than 46% in the past year, according to Crypto Quant. The market has long been dominated by Tether (USDT) and, more recently, Circle's USDC . "USD1 provides what algorithmic and anonymous crypto projects cannot — access to the power of DeFi underpinned by the credibility and safeguards of the most respected names in traditional finance," said World Liberty Financial co-founder Zach Witkoff. "We're offering a digital dollar stablecoin that sovereign investors and major institutions can confidently integrate into their strategies for seamless, secure cross-border transactions." The company said Tuesday that the stablecoin, dubbed USD1, will be pegged to the U.S. dollar and be ... Read full article.