USD1 Stablecoin to Release Aud
USD1 Stablecoin– WLF (Web3 Liberty Foundation) is nearing the completion of an independent audit of its USD1 stablecoin reserves, co-founder Zak Folkman confirmed in a June 25 interview with Blockworks during the Permissionless conference in Brooklyn. As reported by Reuters, the audit is expected to conclude within days and will outline the assets backing USD1, which has reached a $2.2 billion market cap since its March launch.
USD1 is backed by U.S. dollar deposits, cash equivalents, and U.S. Treasuries. It operates on Ethereum, BNB Chain, and TRON, with BitGo serving as custodian. Going forward, WLF will release monthly reserve reports to improve transparency.
Mobile App and Token Developments Ahead
WLF is also preparing to launch a user-friendly mobile app aimed at simplifying crypto use for everyday investors. “We’re going to have very transparent auditing from a financial level,” said Folkman. He also hinted at a potential change in WLFI’s status: “If you pay attention over the next couple of weeks, I think everyone’s going to be very, very happy.” WLFI is currently a non-tradable governance token used to vote on protocol changes.
Despite scrutiny over the Trump family’s ties to WLF, including an alleged $130 million gain from reducing their ownership stake, USD1 continues to gain institutional traction. In March, UAE-based MGX reportedly used USD1 for a $2 billion investment in Binance.
A $4 million USD1 airdrop earlier in June reached more than 85,000 wallets, further driving awareness and adoption.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
