In an announcement on Tuesday, Donald Trump's World Liberty Financial crypto project revealed its plan to introduce a stablecoin named USD1, which will be tied to the U.S. dollar and supported by U.S. Treasuries, dollars, and similar assets. The digital currency will be launched on the Ethereum and Binance Smart Chain blockchains initially, with future intentions to expand to other platforms. This stablecoin, designed to maintain a value of $1, will be fully backed by a portfolio reserve subject to regular audits by a third-party accounting firm. World Liberty did not disclose the specific accounting firm or the launch date. Zach Witkoff, a co-founder of World Liberty, mentioned that USD1 aims to cater to "sovereign investors and major institutions" seeking smooth and secure cross-border transactions. The project, involving Trump, his three sons, and advisor Steve Witkoff, father of Zach, was unveiled prior to the U.S. election and has amassed $550 million through the sale of a cryptocurrency called $WLFI.