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USD1 Stablecoin Growth Defended Amid Ownership Scrutiny

Guavy AI Editorial Team
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World Liberty Financial has pushed back against allegations that its USD1 stablecoin's rapid growth was due to political connections. CEO Zach Witkoff attributed the token's success to institutional demand, following news of a proposed national trust bank receiving preliminary federal approval.

The company's ownership structure has been under scrutiny, with some pointing out ties between World Liberty Financial and President Donald Trump's administration. However, Witkoff maintained that USD1's growth was independent of such connections.

USD1 has seen significant adoption since its launch in March 2025, with the circulating supply exceeding $4 billion. The stablecoin is backed by U.S. dollars held at financial institutions and government money market funds.

The proposed national trust bank would provide custody services, reserve management, and settlement of stablecoins, among other functions. BitGo currently provides these services for USD1, but the new framework would bring additional oversight and regulation.

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