World Liberty Monetary (WLFI), a DeFi mission partly owned by US President Donald Trump’s household, has cautioned traders about faux variations of its yet-to-launch USD1 stablecoin.
In a March 24 announcement on X (previously Twitter), the mission and Changpeng Zhao (CZ) clarified that USD1 is just not but out there for buying and selling. It urged the general public to remain vigilant, stressing that any USD1 token at present circulating is fraudulent.
The mission acknowledged:
“USD1 is just not at present tradable. Watch out for scams.”
WLFI is a DeFi mission centered on constructing a decentralized ecosystem that features lending, borrowing, and stablecoin-based transactions.
Since February, the mission has allotted $28.6 million to 6 digital belongings, together with ETH, WBTC, MOVE, SEI, AVAX, and MNT.
Regardless of the heavy funding, the portfolio is at present sitting on an unrealized lack of $1.62 million, in keeping with blockchain analytical platform SpotOnChain.
Pretend USD1 tokens floor
Though WLFI’s plans for a stablecoin have been public for months, the workforce had not publicly shared any particulars concerning the mission till speculations grew after former Binance CEO CZ acknowledged the USD1 sensible contract on the BNB Chain.
Zhao famous that the token had been deployed in early March and was present process testing.
Blockchain evaluation agency Lookonchain reported that outstanding crypto market maker Wintermute was interacting with the token. On-chain knowledge exhibits that over $3.5 million price of USD1 has already been minted.
Nevertheless, the excitement has additionally attracted scammers.
Inside hours of Zhao’s put up, imitation tokens started showing throughout main networks resembling Solana, Ethereum, and BNB Chain. Knowledge from Dexscreener confirmed that a number of unrelated initiatives had used the identical title to mislead traders.
As a result of this, Zhao urged the general public to stay cautious whereas emphasizing that WLFI’s official token is just not but dwell.
He acknowledged:
“The official USD1 is just not tradable but. Please don’t fall for the scams.”
As soon as launched, USD1 will compete with main dollar-pegged stablecoins resembling Tether’s USDT, Circle’s USDC, and Ripple’s RLUSD.
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