Binance is set to list World Liberty Financial’s USD1 stablecoin on May 22, 2025, marking a significant development in the stablecoin market.
Trading for USD1 will commence at 12:00 UTC, with withdrawals available from May 23.
Launched in March 2025 by Miami-based fintech firm World Liberty Financial (WLFI), USD1 is a fiat-backed stablecoin designed to maintain a 1:1 peg with the U.S. dollar. The token is backed by cash, short-term U.S. Treasuries, and dollar deposits and is issued and managed by BitGo Trust Company, a regulated U.S. trust entity. While WLFI claims that regular reserve audits are conducted, detailed breakdowns of these reserves have not been made public.
USD1 has quickly gained traction, already becoming the seventh-largest stablecoin by market capitalization, surpassing $2.1 billion in May. The token is currently available on exchanges like KuCoin and operates on Ethereum (ETH) and BNB Chain (BNB), with plans to expand to additional blockchains using Chainlink’s cross-chain protocol.
Notably, MEXC recently listed World Liberty Financial’s USD1 stablecoin, which is backed 1:1 by the U.S. dollar. This listing expands the global stablecoin ecosystem, with USD1 gaining traction in DeFi. MEXC is also offering promotions for trading the USD1/USDT pair.
USD1’s rise has not been without controversy. The stablecoin’s close ties to former U.S. President Donald Trump, who serves as WLFI’s “Chief Crypto Advocate”, and his family have drawn scrutiny from U.S. lawmakers. Critics, particularly Senate Democrats, have raised concerns about potential conflicts of interest, especially as stablecoin regulation remains a contentious issue in Washington.
Despite the political scrutiny, WLFI insists that USD1 complies with all U.S. regulations, including anti-money laundering (AML) and know-your-customer (KYC) requirements. WLFI dismissed recent congressional concerns as “fundamentally flawed.” The company is working to expand its presence in the global cryptocurrency market, which was highlighted by a meeting between WLFI’s founders and Binance’s Changpeng Zhao to discuss strategies for promoting cryptocurrency adoption and innovation in decentralized finance.
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