World Liberty Financial (WLF), the crypto venture linked to President Donald Trump, is gearing up for significant announcements. The company plans to release its first audit for the USD1 stablecoin very soon. Simultaneously, it will launch a mobile app targeting everyday investors. Co-founder Zak Folkman shared these updates during the Permissionless conference.
Folkman spoke exclusively with Blockworks on June 25th. Reuters later confirmed the details. The crypto community eagerly anticipates the audit results. This crucial report will detail USD1’s reserve composition. USD1 maintains a 1:1 peg with the US dollar.
Reserves for $2.2 Billion Stablecoin
The USD1 audit should arrive within days, Folkman stated. It will finally reveal the assets backing the stablecoin. USD1 boasts a massive $2.2 billion market capitalisation currently. Launched just last March, its growth has been remarkably rapid. Reserves include US dollar deposits, cash equivalents, and US Treasuries. BitGo securely holds these assets as custodian.
Furthermore, WLF commits to enhanced future transparency. Monthly reserve reports will start publishing regularly. “We’re going to have very transparent auditing financially,” Folkman pledged. USD1 operates across three major blockchains: Ethereum, BNB Chain, and TRON. This multi-chain approach broadens its usability.
New App Aims to Simplify Crypto
Alongside the audit, WLF revealed plans for a consumer app. This mobile application specifically targets retail investors. It aims to make cryptocurrency usage much simpler for regular people. The goal is seamless access to digital assets. Therefore, WLF hopes to attract a vast new user base.
However, Folkman provided few specific app details. Features and a precise launch date remain undisclosed. Nevertheless, the app signifies WLF’s push towards mainstream adoption. It complements the existing USD1 stablecoin infrastructure effectively.
Governance Token May Soon Hit the Market
Folkman also teased potential news about WLFI. WLFI is the platform’s non-tradable governance token currently. Holders use it to vote on protocol changes only. “Pay attention over the next couple of weeks,” Folkman hinted suggestively. “Everyone’s going to be very, very happy,” he added strongly.
This strongly suggests WLFI may soon become tradable on exchanges. Such a move would unlock significant value for token holders. WLF previously raised $550 million through WLFI token sales. Over 85,000 verified participants joined these sales.
Controversy and Growth
Despite its success, WLF faces undeniable criticism. Lawmakers and ethics watchdogs scrutinise its Trump connections. The Trump family business profited immensely from WLF. They reportedly pocketed over $130 million recently. This followed reducing their ownership stake from 60% to 40%. That transaction generated roughly $190 million total.
Critics question the timing of Trump’s crypto ventures. Specifically, they link it to his administration easing industry regulations. Yet, USD1 adoption continues expanding impressively. Institutional players increasingly utilise the stablecoin. For example, UAE firm MGX used USD1 for a massive $2 billion Binance investment in March. Additionally, a $4 million USD1 airdrop reached 85,000+ wallets in June. This significantly boosted awareness and user confidence. New tools, rising demand, and a growing user base propel WLF forward. USD1 is clearly establishing itself as a major stablecoin contender. The imminent audit and app launch mark its next critical phase.
Written By Fazal Ul Vahab C H
