USD1 Stablecoin Proposed by World Liberty Financial (WLFI), a Cryptocurrency Project Backed by US President Donald Trump, Has Received Overwhelming Approval

The USD1 stable coin proposed by World Liberty Financial (WLFI), a cryptocurrency project backed by U.S. President Donald Trump, has received overwhelming approval for a proposed airdrop.

World Liberty Financial (WLFI) has received an overwhelming vote in favor of a proposed airdrop of its USD1 stablecoin to qualified holders of $WLFI tokens, according to an announcement on May 7.

The vote, which was conducted on Snapshot, is the latest stage in WLFI’s plans to test its airdrop mechanism and reward early investors. The voting period will begin on May 6 and end on May 14.

The proposal, which was put forward by WLFI, is to airdrop USD1 to all snapshot participants on May 12 at 12:00 UTC. The proposal also includes the testing of the airdrop system on the Ethereum mainnet and the reward for those who have bought $WLFI tokens.

It is still unclear when the airdrop will take place or how much USD1 will be issued to each wallet. After clearance is provided, WLFI still has the power to make changes or cancel the airdrop if necessary.

The initiative will show its gratitude to backers via USD1, a stablecoin backed by U.S. Treasuries and other cash equivalents and is tied to the dollar. This will validate the technical functionality of the airdrop system on the Ethereum mainnet and ensure that the platform is ready for bigger distributions. Furthermore, it also rewards those who have bought $WLFI tokens since the start of the project.

The proposal was approved by 2.6 billion votes (99.97%) within the first eight hours of voting. It says a lot about the trust that WLFI’s vision inspires.

Earlier this year, Abu Dhabi-based diversified investment firm, MGX, is investing $2 billion in Binance, the world’s largest cryptocurrency exchange, through a private placement, a source familiar with the matter told Reuters on Wednesday.

MGX will be investing in a new preferred equity instrument that Binance is creating to fund its growth plans, said the source, who declined to be identified as the information is not public yet. The investment firm is also investing in USD1, a stablecoin launched by World Liberty Financial (WLFI).

Founded by U.S. President Donald Trump’s daughter, Tiffany Trump, and son, Donald Trump Jr., WLFI is a cryptocurrency project that is developing a suite of financial products and services. The project has been the subject of some controversy, with some lawmakers raising concerns about foreign investment in U.S. companies.

However, WLFI has maintained that it is committed to transparency and compliance. The project has also stated that it is focused on providing innovative financial products and services that meet the needs of its users.

In total, Binance has raised over $7 billion to date. In December, the cryptocurrency exchange announced the completion of a $1 billion funding round led by existing investors. The funds will be used to continue Binance’s expansion in new markets and technologies.

Founded in 2017, Binance has rapidly grown into one of the world’s largest cryptocurrency exchanges. The exchange offers a wide range of cryptocurrency products and services, including spot trading, futures trading, and crypto derivatives. Binance also provides institutional investors with a range of services, such as liquidity provision and asset management.

The move by MGX comes amid a broader trend of institutional investors increasing their exposure to the cryptocurrency market. As the crypto industry matures, institutions are becoming more interested in investing in this asset class.

Earlier this year, Block (formerly Square), the payments company founded by billionaire entrepreneur announced a $50 million investment in bitcoin. The investment was part of Block’s broader strategy to invest in promising companies and technologies.

Stablecoins, cryptocurrencies that aim to maintain a stable price, have been gaining popularity in recent years as they offer a way to transact in crypto without the volatility of bitcoin or ether.

The likes of Tether and USDC, whose market cap is above $242 billion, are currently some of the most widely used stablecoins. They are typically pegged to the U.S. dollar and backed by a basket of liquid assets.

In April, Binance founder Changpeng Zhao confirmed in a post on X, formerly Twitter, that he met with World Liberty Financial (WLFI) co founder in Abu Dhabi.

“Great meeting with Tiffany Trump and Donald Trump Jr., founders of World Liberty Financial (WLFI), in Abu Dhabi. We are looking forward to continuing our partnership to provide innovative financial solutions to the global community.”

This partnership was announced in March when Donald Trump Jr. posted on Instagram a photo of him together with Zhao, also known as CZ, and Tiffany Trump.

“Always a pleasure to catch up with my friend Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency exchange. We are both passionate about pushing the boundaries of finance and technology to create a better future for generations to come.”

The partnership between WLFI and Binance is still ongoing as Binance is one of the companies that Zhao is a major shareholder despite stepping down as CEO