crypto.news 2025-05-07 07:28:08

World Liberty Financial opens vote to airdrop USD1 stablecoin to WLFI holders

World Liberty Financial has opened a governance vote to airdrop its new stablecoin, USD1, to early WLFI holders as a test of its airdrop mechanism. World Liberty Financial (WLFI) has initiated a governance vote to determine whether a small amount of its newly launched stablecoin, USD1, should be airdropped to early WLFI token holders. The proposed airdrop is being positioned as a test of the technical functionality of the airdrop mechanism. The vote is set to conclude on May 14 and has already seen overwhelming support from the community. According to data from the WLFI governance forum , over 2.6 billion tokens—representing approximately 99.97% of votes cast—are in favor of the proposal. A small minority, totaling about 940K tokens, have voted against it. While the airdrop itself has not yet been scheduled, WLFI has made it clear that the test could be modified or canceled at any time at its discretion. You might also like: Trump-linked WLFI reportedly launches USD1 stablecoin on BNB Chain Unlike algorithmic and undercollateralized stablecoins , WLFI presents USD1 as a fully backed, institution-ready digital asset. The coin is fully backed by reserves consisting of short-term U.S. Treasuries, cash, and equivalent high-quality assets. Digital asset custodian BitGo will oversee the reserves backing USD1. “USD1 provides what algorithmic and anonymous crypto projects cannot—access to the power of DeFi underpinned by the credibility and safeguards of the most respected names in traditional finance,” said WLFI co-founder Zach Witkoff. The stablecoin was quietly deployed on the BNB Chain in early March. Its presence was first detected by blockchain analytics firm LookOnChain, which traced the contract to a wallet associated with crypto market maker Wintermute, indicating preliminary test transactions. On March 24, CZ noted that the stablecoin’s smart contract had been deployed 20 days ago, confirming an early March launch. On March 25, WLFI formally announced the launch of USD1, stating that the stablecoin would first become available on Ethereum ( ETH ) and Binance Smart Chain ( BNB ), with plans to expand to other blockchain networks. You might also like: WLFI confirms launch of USD1 stablecoin backed by U.S. treasuries