The world’s largest crypto exchange by trading volume is adding support for an asset linked with President Donald Trump’s new decentralized finance project, World Liberty Financial (WLFI).
In a new announcement, Binance says it will add support for the stablecoin World Liberty Financial USD (USD1), a dollar-pegged digital asset managed by the crypto asset manager BitGo.
-->“Binance is excited to announce that World Liberty Financial USD (USD1) will be added to Binance Simple Earn, ‘Buy Crypto,’ Binance Convert, and Binance Margin [on May 22nd].”
USD1, which was designed to keep a 1:1 peg to the US dollar, launched in March and recently formed a partnership with the decentralized oracle provider Chainlink (LINK), allowing it to be seamlessly transferred over numerous blockchains.
The collaboration allows the stablecoin to be used over Chainlink’s Cross-Chain Interoperability Protocol (CCIP), an interoperability protocol launched in 2023, causing the crypto asset to surpass $2 billion in market capitalization.
As stated by WLFI co-founder Zach Witkoff in a press release,
“WLFI’s partnership with Chainlink will accelerate and improve USD1’s utility for cross-border payments and will result in truly useful applications across DeFi and traditional finance. We’re creating a comprehensive platform for a dramatically improved financial future by building atop a rock-solid foundation.”
At time of writing, USD1 has a market cap of $2.1 billion while LINK is valued at $16.82, a 4.4 increase during the last 24 hours.
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