World Liberty Financial supported by Donald Trump (WLF) distributed this stablecoin to users holding WLFI!

The cryptocurrency project World Liberty Financial (WLF), supported by U.S. President Donald Trump, airdropped to users holding the local token WLFI a new stablecoin called USD1. The distribution was verified by blockchain analytics firms Lookonchain and SlowMist.

Trump Supported World Liberty Financial Distributes USD1 Stablecoin to WLFI Holders

According to Etherscan data, late on Tuesday night, a wallet thought to be associated with the project sent 47 USD1 tokens per person in a batch transaction to wallets holding WLFI. 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.

Although no official announcement has been made, the project had previously stated that it planned to distribute small amounts of USD1 to WLFI holders. It was noted that this distribution was carried out to test the on-chain airdrop mechanism over the Ethereum mainnet and to promote USD1.

World Liberty held a “snapshot” voting for the USD1 airdrop last month. The proposal was accepted by an overwhelming majority, receiving support from 99.96% of the participants. This process aims to reinforce the project’s community-based governance approach.

Launched in March, USD1 is a stablecoin that is said to be fully supported by short-term U.S. Treasury bonds, USD deposits, and cash equivalents. Its launch coincided with a period when the GENIUS Act, a proposed legislation in the U.S., was on the agenda. The legislation aims to make security and transparency standards mandatory for stablecoin issuers.

The role of Trump and his family in the project has increased interest in the USD1 and WLFI tokens, but it has also brought about some ethical discussions. According to the project’s whitepaper, Donald Trump and his three sons are involved in World Liberty as “ambassadors” or “advocates.”

Senator Richard Blumenthal’s claims last month that the Trump family made “significant financial gains” from the project were described as “baseless” by World Liberty attorneys.

On the other hand, according to Dune Analytics data, 84.4% of the supply of USD1 is held in just two wallets, while 9.5% is held in a third wallet. It is still unknown whether these wallets are controlled by World Liberty, investor Justin Sun, or the custody service provider BitGo.

*Not investment advice.

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