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The token associated with Trump experienced an increase following reports that a $3.5 trillion asset servicer will trial USD1, while BTC and ETH persist near multi-week lows.
Key points:
- WLFI, the token connected to Trump-related World Liberty Financial, surged by approximately 10% after a $3.5 trillion asset servicer announced its intent to pilot the company’s USD1 stablecoin for tokenized fund settlements.
- During a World Liberty Financial event at Mar-a-Lago, Senator Bernie Moreno and Coinbase CEO Brian Armstrong advocated for the rapid approval of a U.S. crypto market structure bill, asserting that clear guidelines are vital for sustaining American dominance in financial innovation.
- World Liberty Financial co-founder Zak Folkman promoted USD1 as a stablecoin tailored for institutional use, suitable for real-world settlements, cross-border payments, and future AI-driven commerce, featuring real-time on-chain proof of reserves, with aspirations to expand from the U.S.-Mexico corridor to as many as 40 different currencies.
WLFI, the token associated with Trump-backed World Liberty Financial, saw a rise of nearly 10% following a $3.5 trillion asset servicer’s announcement regarding the testing of the firm’s USD1 stablecoin as a settlement option for tokenized funds.
The increase in WLFI during the Asian morning hours outpaced both bitcoin and ether, which experienced declines of 0.5%, as reported by CoinDesk market data.
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The surge coincides with discussions at the World Liberty Financial forum at Mar-a-Lago on Wednesday, where stablecoins were touted as pivotal for U.S. financial leadership.
“The reality is the entire financial system is going to look very different in the next five years than it has looked in the last 50 years,” Senator Bernie Moreno (R-Ohio) stated at the event. “This will happen somewhere. We’re going to witness a significant amount of innovation in financial services. The question remains, will it occur in America or elsewhere?”
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Senator Moreno stressed the necessity for lawmakers to “get this market structure bill across the finish line in the next 90 days,” contending that clear regulations for digital assets are essential if the U.S. aims to lead the upcoming phase of financial innovation instead of allowing it to shift abroad.
Coinbase CEO Brian Armstrong also addressed the significance of the market structure bill at the event, stating that banking trade associations – rather than individual banks – are responsible for the current stagnation.
World Liberty Financial co-founder Zak Folkman depicted USD1 as transcending a retail stablecoin, referring to it as “an institutional-grade dollar” intended for real-world settlements and international transactions.
“This is what we aimed for when we sought to create an institutional-grade dollar,” Folkman remarked, noting that the token will include “real-time proof of reserves, powered by Chainlink,” enabling users to verify its backing on-chain.
Earlier in February at Consensus in Hong Kong, Folkman hinted at an impending World Liberty Forex platform.
On Wednesday, Folkman presented USD1 as a facilitator for global payments, indicating that the initiative would commence with the U.S.-Mexico corridor before broadening to accommodate approximately 40 currencies. “This is USD1 as a settlement bridge,” he stated.
Looking forward, Folkman linked the stablecoin’s application to commerce driven by artificial intelligence.
“We’re entering an era where AI agents will need to transact independently,” he noted. “AI agents cannot open bank accounts, they cannot sign checks, but they can hold stablecoins.”
“What we’re constructing is a comprehensive financial system,” Folkman concluded.
