World Liberty Financial (WLF), a cryptocurrency project backed by US President Donald Trump, has airdropped its new stablecoin, USD1, to holders of its native token WLFI. The distribution was confirmed by blockchain analysis firms Lookonchain and SlowMist. Trump-Backed World Liberty Financial Distributes USD1 Stablecoin to WLFI Holders Late Tuesday night, a wallet believed to be affiliated with the project sent $47 USD1 in tokens to wallets holding WLFI in a batch transaction, according to Etherscan data. According to data released in March, more than 85,000 users who participated in the WLFI token sale had undergone “know your customer” (KYC) verification. While no official announcement has been made, the project previously announced plans to distribute small amounts of USD1 to WLFI holders. It was stated that this distribution was done for the purpose of testing the on-chain airdrop mechanism and promoting USD1 via the Ethereum mainnet. World Liberty held a “snapshot” vote for the USD1 airdrop last month. The proposal was overwhelmingly approved with 99.96% of participants supporting it. The process aims to reinforce the project’s community-based governance approach. Launched in March, USD1 is a stablecoin that is said to be fully backed by short-term US Treasury bonds, USD deposits, and cash equivalents. Its launch comes at a time when the GENIUS Act is being introduced in the US. The bill aims to mandate security and transparency standards for stablecoin issuers. Trump and his family’s role in the project has raised interest in USD1 and WLFI tokens, but it has also raised some ethical questions. According to the project’s whitepaper, Donald Trump and his three sons are included in World Liberty as “ambassadors” or “advocates.” Allegations by Senator Richard Blumenthal last month that the Trump family had made “significant financial gains” from the project were described as “baseless” by World Liberty lawyers. On the other hand, according to Dune Analytics data, 84.4% of USD1’s supply is held in just two wallets, while 9.5% is held in a third wallet. It is not yet known whether these wallets are controlled by World Liberty, investor Justin Sun, or custodian BitGo. *This is not investment advice. Continue Reading: World Liberty Financial (WLF), Backed by Donald Trump, Distributed This Stablecoin to Users Who Held WLFI!
