World Liberty Financial (WLFI) is airdropping its new USD1 stablecoin to early backers

The Trump-connected crypto project World Liberty Financial is moving forward with plans to reward its earliest backers. A governance vote has been opened to approve an airdrop of the platform’s new USD1 stablecoin to holders of the WLFI token.

World Liberty Financial, the crypto project connected to former President Donald Trump, is continuing its journey with plans to reward early backers and expand its offerings.

The project, which has completed two token sales and raised over $550 million, is now opening a governance vote on a proposal to airdrop its new USD1 stablecoin to holders of the WLFI token.

The proposal, which can be viewed here, has been posted on-chain for community members to vote on. It is currently receiving overwhelming support, with nearly 99.97% of voters casting their tokens in favor of the airdrop.

Out of the 2,561,976,470 tokens cast so far, only 901,000 have voted against the measure. The vote will remain open until May 14, giving members of the WLFI community one week to make their voices heard.

According to the proposal, the planned distribution serves two main purposes. First, it will allow WLFI to test its airdrop mechanism in a live environment.

This is an essential step in verifying the technical capabilities of the platform and ensuring a seamless experience for users.

Second, the airdrop provides a way to thank early supporters of WLFI by giving them direct access to the new USD1 stablecoin. This gesture aims to foster community engagement and loyalty.

The USD1 stablecoin takes a different approach from many crypto assets, aiming to provide a fully backed and institutionally credible stablecoin.

Unlike algorithmic stablecoins that use complex formulas and community involvement to maintain their price, USD1 is backed by a basket of liquid assets. These reserves are held and managed by digital asset custodian BitGo, adding a layer of institutional credibility to the stablecoin.

Earlier reports suggest that the stablecoin is being tested with the help of crypto market maker Wintermute.

The initiative marks another milestone in World Liberty Financial's journey to build an open and accessible ecosystem for Web3 technologies and decentralized applications.