The post Trump-Backed World Liberty Financial Launches World Liberty Markets, Debuts DeFi Web App For USD1 appeared first on Coinpedia Fintech News
Trump-backed World Liberty Financial has launched its first decentralized finance web app, World Liberty Markets. This allows users to lend and borrow its dollar-backed stablecoin, USD1. Built on Dolomite’s infrastructure, the platform allows users deploy USD1 or use assets like ETH, USDC, and USDT as collateral. The launch is a significant step in the US as USD1’s real-world use surges with its circulating supply hitting $3.4 billion.
Trump’s WLFI Lets Users to Lend
Trump has been very positive toward crypto since winning elections. According to latest press release, World Liberty Financial, a crypto company backed by Donald Trump’s family, has launched out its first DeFi web application, called World Liberty Markets. Announced on Monday, the new platform allows users to lend and borrow using the firm’s dollar-pegged stablecoin, USD1.
The platform is built using technology from the DeFi protocol Dolomite and lets users lend and borrow crypto assets directly onchain, with USD1 acting as the main asset.
Zak Folkman, Co-Founder and COO of World Liberty Financial, said, “A year ago, we set out to build a stablecoin that could compete with the biggest names in crypto, and USD1 has exceeded every expectation. Now we’re giving USD1 users access to even more ways to put their stablecoins to work. World Liberty Markets is a major step forward, and it’s just the first of many products we’re planning to roll out over the next 18 months.”
World Liberty Markets allows users to lend and borrow USD1, while also letting them use other assets like WLFI, ETH, cbBTC, USDC, and USDT as collateral.
The platform also includes a USD1 Points Program that gives rewards to users who deposit the stablecoin. However, the company did not share specific details about how the program works or who qualifies.
According to World Liberty Financial, the launch is a big step in making USD1 more useful in real-world crypto activity by bringing it into live DeFi markets. The stablecoin’s circulating supply has recently touched $3.4 billion.