Binance to List USD1 Stablecoin on May 22
On May 22, binance will list World Liberty Financial’s USD1 stablecoin. This is a big step for the controversial digital dollar option. trading will start at 12:00 UTC on May 22, with withdrawals available the next day.
USD1 is a stablecoin that aims to match the U.S. dollar’s value. It was launched in march by a Miami-based fintech firm linked to donald Trump. The token is backed by cash, U.S. Treasuries, and dollar deposits. BitGo Trust Company, a regulated U.S.trust, issues and manages it.
While reserve audits are regular, detailed breakdowns are private. The Binance listing could boost USD1’s liquidity and visibility. It’s already on exchanges like KuCoin and has become the seventh-largest stablecoin by market cap, reaching over $2.1 billion in May.
USD1’s growth is due to institutional backing, including a $2 billion deal with Abu Dhabi’s MGX. It’s used in retail payments and decentralized finance. USD1 operates on Ethereum and BNB Chain, with plans to expand using Chainlink’s cross-chain protocol.
USD1 aims to compete with Tether and USD coin by offering fee-free minting and secure custody. However, there’s controversy due to the Trump family’s ties to World Liberty Financial. U.S. lawmakers, especially Senate Democrats, have raised concerns about potential conflicts of interest.
Despite this,World Liberty Financial claims USD1 complies with U.S. regulations. A recent legal response to a congressional probe dismissed the concerns. As USD1 prepares for its Binance debut, its future momentum is closely watched.
