Yazılar

Trump’s World Liberty Financial to Launch USD1 Stablecoin

/in /tarafından

Donald Trump’s World Liberty Financial venture announced plans to launch a new dollar-pegged stablecoin, USD1, which will be fully backed by U.S. Treasuries, dollars, and other cash equivalents to maintain a value of $1. The move follows the venture’s successful raise of over $550 million from the sale of a separate digital token, $WLFI.

Stablecoins like Tether and USDC have become crucial players in the crypto industry, with over $237 billion in circulation. These tokens facilitate transactions between cryptocurrencies and provide liquidity in the market. USD1 aims to tap into this growing market and offer “sovereign investors and major institutions” a secure means of conducting cross-border transactions, according to World Liberty co-founder Zach Witkoff.

The reserves for USD1 will be audited by a third-party firm, although World Liberty has not disclosed further details. The stablecoin will initially launch on the Ethereum and Binance Smart Chain blockchains, with future plans to expand to other platforms. The firm also revealed its partnership with BitGo, a California-based custodian, to handle the reserves and provide institutional clients access to liquidity.

Trump’s crypto interests, including the launch of USD1 and a meme coin earlier this year, have raised concerns among ethics experts about potential conflicts of interest, especially as he has pledged to overhaul U.S. regulations on crypto. Despite this, the initiative aims to compete with established stablecoins in the market, such as Tether and USDC.

Sam Altman’s World Network in Talks with Visa for Stablecoin Wallet

/in /tarafından

Sam Altman’s cryptocurrency project, World Network, is reportedly in discussions with Visa to develop a stablecoin payments wallet. According to CoinDesk, a deal would integrate Visa card functionality into World Network wallets, allowing stablecoin-based payments at merchants within Visa’s network.

This collaboration highlights the growing efforts to incorporate cryptocurrency into the mainstream payments system, with both companies aiming to expand the use of digital assets in everyday transactions. Visa and Tools for Humanity, the company behind World Network, have yet to respond to requests for comment.

World Network, co-founded by OpenAI’s Sam Altman, primarily offers World ID, a digital passport designed to verify a user’s identity as a real human, distinguishing them from AI chatbots.

Tether in Talks with ‘Big Four’ Firm for Reserve Audit, CEO Says

/in /tarafından

Tether, the largest issuer of stablecoins, is in discussions with a “Big Four” accounting firm to conduct an audit of its reserves, a move CEO Paolo Ardoino described as a priority for the company. Tether has issued over $140 billion worth of its dollar-pegged cryptocurrency, and although it has long promised an audit, the company has yet to release a full audit of its financials.

Currently, Tether provides quarterly reports on its reserves but has not undergone a full audit. Ardoino emphasized that securing an audit is now “feasible” and a top priority for the company. He did not specify which of the four major accounting firms—PwC, EY, Deloitte, or KPMG—Tether is in talks with or provide a timeline for when the audit would take place.

Ardoino also linked the feasibility of the audit to U.S. President Donald Trump’s stance on cryptocurrency. He argued that Trump’s support for digital assets could make it easier for Tether to engage with major accounting firms, in contrast to what the crypto industry has termed “Operation Chokepoint 2.0,” referring to alleged efforts by U.S. regulators to restrict access to financial services for crypto companies.

Trump, during his campaign, pledged to be a “crypto president” and has since signed an executive order to establish a strategic cryptocurrency reserve and promised regulatory reforms for digital assets. Ardoino expressed confidence that with Trump’s backing, major auditing firms would be more inclined to work with Tether.

Additionally, Tether has recently appointed Simon McWilliams as its chief financial officer to guide the company toward a comprehensive financial audit. As part of its financial activities, Tether purchased more than $33.1 billion in U.S. Treasury bills in 2024, positioning it as the seventh-largest buyer of U.S. government debt.

As of December 31, Tether’s reserves included over $94 billion in U.S. Treasury bills and more than $108 million in cash and bank deposits, according to a quarterly report compiled by BDO Italia. Ardoino also confirmed that 99% of these Treasury bills are held with Wall Street brokerage Cantor Fitzgerald, led by Howard Lutnick, who is closely connected to Trump’s administration.