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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