USD1 is a top stablecoin with no attestation and no transparency
World Liberty Financial, the Donald Trump-endorsed and Justin Sun-advised cryptocurrency firm, has launched a stablecoin, USD1, that has very quickly become one of the largest in the world. However, despite this multi-billion-dollar growth, the token provides effectively no transparency; no audits, no attestations, not even a transparency webpage that purports to show its holdings. The token is offered in partnership with BitGo, which does have a website page dedicated to the token. However, while the page does claim that the token is “100% backed by short-term US government treasuries, US dollar deposits and other cash equivalents,” it provides no additional evidence or insight beyond that. Is World Liberty Financial a dead project? Read more: Every token in World Liberty Financial’s portfolio is down bad This lack of transparency contrasts USD1 with other popular stablecoins, including tether (USDT), USDC, the Paxos stablecoins, and many others...