The Trump family has significantly increased its control over World Liberty Financial, a decentralized finance platform still under development. What Happened: According to a Reuters report published Monday,

Addresses linked to World Liberty Financial are testing a smart contract to issue a dollar-pegged stablecoin. The fund is preparing for the new asset, which will be a part of its DeFi strategy. World Liberty Financial,

World Liberty Financial (WLFI), a decentralized finance protocol backed by the Trump family, has confirmed speculations about the launch of a dollar-backed stablecoin. According to an official press release on March 25,

The World Liberty Financial USD token was deployed on Ethereum and BNB Chain earlier this month, and addresses linked to Wintermute and BitGo interacted with the token.

The USD1 token will be fully backed by U.S. government securities and cash, with BitGo providing custody services for the reserves.

World Liberty Financial (WLF) raised over $550 million to create a decentralized financial platform, but the Trump family quickly took control, claiming most of the revenue. This crypto venture, still in its early stages,

Massachusetts Senator Elizabeth Warren and four other Democratic senators have expressed concern over potential conflicts of interest stemming from a stablecoin released by WLFI

“WLFI today announced its plans to launch USD1, a stablecoin redeemable 1:1 for the US dollar. WLFI’s USD1 will be 100% backed by short-term US government treasuries, US dollar deposits, and other cash equivalents. Initially, USD1 tokens will be minted on the Ethereum (ETH) and Binance Smart Chain ( BSC) blockchains,” WLFI’s press release read.