World Liberty Financial (WLF), the Trump-affiliated crypto company behind the USD1 stablecoin, is preparing to release its first audit report and launch a new mobile application targeting mainstream users. The announcements were made by WLF co-founder Zak Folkman during an interview at the Permissionless conference in Brooklyn, according to Reuters.
Folkman stated that the audit, expected to be completed within days, will disclose the backing of the USD1 stablecoin, which launched in March and has since achieved a market cap of $2.2 billion. The asset is reportedly backed by U.S. dollar deposits and cash equivalents, with BitGo serving as the primary custodian.
Going forward, WLF intends to publish monthly reserve reports, a move aimed at promoting transparency and reinforcing user confidence. “We’re going to have very transparent auditing from a financial level,” Folkman noted, underscoring the firm’s effort to build legitimacy in the growing stablecoin sector.
Retail app launch and WLFI token prospects
In addition to financial transparency, WLF plans to roll out a user-friendly mobile app that simplifies cryptocurrency access for retail investors. While specific release dates were not confirmed, Folkman emphasized the app will serve as a key step in making crypto more approachable for everyday users.
Folkman also hinted at potential changes to WLFI, the platform’s non-tradable governance token. Currently used for voting on protocol changes, WLFI is not listed on any exchanges, but Folkman suggested that status might soon change.
The company’s recent actions have raised scrutiny. The Trump family earned over $130 million in June after reducing their ownership stake in WLF from 60% to 40%, netting approximately $190 million in total. Ethics watchdogs have expressed concerns about the timing of these ventures, especially in the context of reduced regulatory oversight under Trump’s political influence.
Institutional adoption grows despite criticism
Despite political controversies, USD1 adoption is expanding steadily. The stablecoin has attracted interest from institutional players, including a $2 billion investment via Binance in March from MGX, a UAE-based firm.
Earlier this month, WLF conducted a $4 million USD1 airdrop, which was distributed to over 85,000 wallets. The campaign significantly boosted awareness and user confidence, helping cement USD1’s position as an emerging player in the stablecoin space.
With audit reports pending, a user-facing app in development, and growing institutional interest, World Liberty Financial is positioning USD1 as a serious contender in the stablecoin ecosystem, despite the surrounding political scrutiny.
DISCLAIMER
This article is for informational purposes only and does not constitute financial, investment, or legal advice. Readers are encouraged to conduct their own research and consult with professional advisors before engaging in any financial activities involving cryptocurrencies.