USD1 stablecoin, an asset associated with World Liberty Financial (WFLI), is set to go multi-chain through its latest integration with Chainlink. Already tagged as the fastest stablecoin to grow from a $0 valuation to $2 billion, the new integration will help expand its reach to new users and institutions in the industry. USD1 has been making headlines recently amid a growing trend around stablecoin evolution in the United States.
World Liberty Financial and the Chainlink Deal
According to the announcement, the collaboration between both entities will see USD1 utilize the Chainlink Cross-Chain Interoperability Protocol (CCIP). Specifically, it will be used for secure data feeds and for bridging from one blockchain to another.
Earlier this month, USD1 ranks as top 5 in the stablecoin world, a feat it achieved within months of its launch. The adoption of the token by both retail and institutional investors has seen it launch on top chains, including Ethereum and BNB Chain.
Integrating World Liberty Financial with Chainlink will address a critical security challenge. Transfers across protocols are typically plagued by security woes that cause asset loss onchain. However, with the CCIP solution, a high level of safeguard will now come with USD1 stablecoin transactions.
With the token being projected for enterprise Decentralized Finance (DeFi) solutions, this partnership will help secure billions in transferred value.
USD1 Stablecoin and the Airdrop Push
As a Donald Trump-family backed token, the stablecoin is constantly in the news with different integrations being registered onchain. Recently, World Liberty Financial passed a proposal to airdrop a fixed amount of the USD1 stablecoin to WFLI token holders. The proposal passed with a 99.96% vote in favor.
While the eligibility criteria is still being determined, this airdrop will serve a number of functions in the ecosystem. As outlined in the proposal pitch, it will help to “test the airdrop system in production to ensure our infrastructure is functioning as intended.”
In addition, it will help “drive initial visibility and awareness of USD1 prior to broader market access.” Also, it will help appreciate earlier supporters of the WLFI project, which is backed by both retail and institutions.
As reported earlier by CoinGape, DWF Labs backs WLFI with a token purchase worth $25 million.
Stablecoin Bill to Complement it All
Although partnerships with Chainlink and other projects can validate trust in Web3, there is need for regulations. Such rules will help stablecoins can further help cement the trust in assets like USD1.
One of the most important legislative proposals, the GENIUS Act, is slated for a cloture vote by Congress members in the coming week. Amid bipartisan disagreements regarding some provisions in this bill, the expectation is that it will pass all necessary hoops soon.
This stablecoin bill will benefit the WLFI-linked token and clarify the ecosystem for other new and established players.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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