16 hours ago
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TLDR
- World Liberty Financial (WLFI) opened a governance vote on airdropping its new USD1 stablecoin to early WLFI token holders
- The vote ends May 14 with 99.97% currently in favor of the proposal
- USD1 is a fully backed stablecoin with reserves in US Treasuries, cash, and high-quality assets
- The proposed airdrop aims to test the technical functionality of WLFI’s airdrop mechanism
- The Trump-linked platform launched USD1 on BNB Chain in early March 2025
World Liberty Financial (WLFI) has initiated a governance vote to airdrop its newly launched USD1 stablecoin to early WLFI token holders. The vote, which opened on May 6, 2025, has garnered strong support from the community with over 99.97% of votes in favor of the proposal.
The primary purpose of the airdrop is to test the technical functionality of the platform’s airdrop mechanism in a live environment. WLFI described the distribution as “a meaningful way to thank our earliest supporters and introduce them to USD1,” according to the proposal posted on the WLFI governance forum.
As of now, the exact amount of USD1 to be distributed has not been determined. The platform stated that the distribution amount will be based on the total number of eligible wallets and the allocated budget for the initiative.
The voting period is set to conclude on May 14, 2025. Current voting statistics show overwhelming support for the proposal with approximately 2.6 billion tokens used to vote yes, representing 99.97% of all votes cast. Only about 901,000 votes, or 0.03%, have been cast against the measure.
Stablecoin Background and Development
USD1 was quietly deployed on the BNB Chain in early March 2025. Its presence was first detected by blockchain analytics firm LookOnChain, which traced the contract to a wallet associated with crypto market maker Wintermute, indicating preliminary test transactions.
On March 25, WLFI formally announced the launch of USD1. The company stated that the stablecoin would first become available on Ethereum (ETH) and Binance Smart Chain (BNB), with plans to expand to other blockchain networks in the future.
WLF fam — it’s time.
A new Snapshot vote is live to airdrop USD1 to all eligible $WLFI holders.
Free USD1. The hottest stablecoin in crypto 🦅
Don’t miss your chance — vote now:https://t.co/Cv99dBiPh1
— WLFI (@worldlibertyfi) May 6, 2025
Unlike algorithmic and undercollateralized stablecoins, WLFI presents USD1 as a fully backed, institution-ready digital asset. The stablecoin is backed by reserves consisting of short-term U.S. Treasuries, cash, and equivalent high-quality assets.
Digital asset custodian BitGo has been appointed to oversee the reserves backing USD1, adding an extra layer of trust and security to the stablecoin. This approach aligns with the growing demand for transparent and fully backed stablecoins in the market.
Market Context and Growth
WLFI, which has ties to the Trump family, has seen rapid growth since its launch in September. The platform has completed two public token sales, raising a combined $550 million from 85,000 registered token holders.
The launch of USD1 comes at a time when the market for US dollar-denominated stablecoins is experiencing substantial growth. According to a recent report from Citigroup, the market cap of US dollar stablecoins crossed $230 billion in April, representing a 54% increase since last year.
Currently, Tether (USDT) and USD Coin (USDC) dominate approximately 90% of the stablecoin market. WLFI’s entry into this space with USD1 represents an attempt to capture market share in this growing sector.
WLFI co-founder Zach Witkoff emphasized the unique positioning of USD1, stating: “USD1 provides what algorithmic and anonymous crypto projects cannot—access to the power of DeFi underpinned by the credibility and safeguards of the most respected names in traditional finance.”
The platform has reserved the right to “discontinue, suspend, modify or terminate the test airdrop” at any time, indicating a cautious approach to the rollout of this new feature. The date for the actual airdrop has not yet been announced and will likely be determined after the conclusion of the governance vote.
The airdrop vote is the latest development for the growing platform as it continues to expand its offerings in the competitive stablecoin market.
English (US) ·