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Trump-Linked Crypto Project WLFI Gets Overwhelming Support to Test USD1 Stablecoin Airdrop
By: bitcoin ethereum news|2025/05/08 00:45:02
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WLFI receives near-unanimous approval to test USD1 stablecoin airdrop, with 99.97% of token holders voting in favour. USD1 stablecoin, backed by U.S. Treasury reserves, custodied by BitGo, are set to challenge top players like USDT and USDC. World Liberty Financial (WLFI)—a crypto initiative tied to the U.S. President Donald Trump—has just wrapped up a major governance vote. It received near-total support to test its new stablecoin, USD1, via an airdrop to current WLFI token holders. The vote ends officially on May 14, and over 2.6 billion tokens have already been cast in favour, an overwhelming 99.97% approval rate. Fewer than a million tokens were used to oppose the proposal, showing strong backing from the WLFI community. The plan is to run a live trial of the USD1 airdrop system. While the project hasn’t revealed the exact date or how much stablecoin will be distributed, the goal is clear: test the smart contracts, reward early believers, and work out any kinks. WLFI has also said it reserves the right to pause, tweak, or cancel the trial if needed. USD1 Stablecoin Pitched as a Safer, Fully-Backed Option WLFI is positioning USD1 as a trustworthy, fully-reserved stablecoin, in sharp contrast to the kind that have triggered past market meltdowns. USD1 is pegged to the U.S. dollar and backed by actual reserves, including short-term U.S. Treasury bills and cash. BitGo, a well-known digital asset security firm, holds these assets in custody. The stablecoin quietly went live on the BNB Chain in March, with Ethereum support added later. Early interest spiked when LookOnChain and Binance founder CZ flagged the new token through on-chain data. WLFI officially introduced USD1 on March 25 and has been pushing for greater adoption. However, another major milestone for USD1 is that it’s already being used in a $2 billion deal with Binance, according to Abu Dhabi investment group MGX, which announced the news at Token2049 in Dubai. The stablecoin is expected to feature in more institutional partnerships in the future. Trump Ties Stir Controversy as Project Gains Steam Despite WLFI’s rising profile, its link to Donald Trump hasn’t gone unnoticed. Legislators, particularly the democrats wings are not in full support, because of their concern about Trump’s family financial benefits from the project. WLFI insists that any Trump-related roles are purely honorary, with no direct ownership or management by the former president or his family. Still, that hasn’t stopped the political heat. Senator Richard Blumenthal has sent a formal letter to WLFI co-founder Zach Witkoff, demanding clarity on how the project plans to separate itself from any potential presidential conflicts of interest. Meanwhile, House Democrats walked out of a recent crypto regulation hearing in protest. WLFI, launched in September, has already held two public token sales, raising $550 million from 85,000 participants. As stablecoins surge past a $230 billion market cap, WLFI is eyeing a piece of that pie, putting USD1 in direct competition with Tether (USDT) and Circle’s USDC. Highlighted Crypto News for Today Crypto Firms Still Lag in Security Despite $1.4B Bybit Hack Source: https://thenewscrypto.com/trump-linked-crypto-project-wlfi-gets-overwhelming-support-to-test-usd1-stablecoin-airdrop/
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