HTX, a global cryptocurrency exchange, has announced the listing of USD1, a stablecoin pegged 1:1 to the US dollar. This marks the first platform to supports trading of the digital asset.
Developed by World Liberty Financial (WLFI) and custodied by BitGo Trust Company, the stablecoin is designed in full compliance with US financial regulations.
During the TOKEN 2049 event, WLFI co-founder Zach Witkoff discussed challenges in traditional finance, such as lack of transparency and inefficient cross-border payments.
“We are focused on bringing the best of Web3 to the world, and that includes transparency and compliance,” said Witkoff.
USD1 aims to address these issues through a framework built on compliance and transparency, with monthly audit reports and public disclosed asset reserves.
“We are focused on building an ecosystem that is sustainable and scalable for the long term,” added Sam Wu, CEO of HTX.
Founded in 2013, HTX has grown from a virtual asset exchange into a full blockchain ecosystem. Its business now spans digital asset trading, financial derivatives, research, investments, incubation, and more. The exchange has a user base of over 50 million.
In other recent developments, blockchain ecosystem NEAR has announced the integration of CC Tokens, also known as fan tokens, into its ecosystem.
These tokens, issued by various sports teams and personalities, will now be supported for trading and liquidity provision on the NEAR protocol.
The move aims to enhance the possibilities for community engagement and empower fans to participate more deeply with their favorite teams and personalities in the metaverse.
