Stablecoin Shenanigans

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Ah, the crypto world! A place where fortunes are made and lost faster than a babushka can say “borscht!” 💸😭 World Liberty Financial Inc., a name that sounds like it belongs in a Dostoevsky novel, has decided to join the stablecoin frenzy. They’ve announced the arrival of USD1, a little digital friend promising to be as stable as a babushka’s babushka. 🙄

This USD1, they say, is backed by the good ol’ U.S. Treasuries, cash, and other shiny things that make bankers drool. 🤑 It’s launching on Ethereum and Binance Smart Chain, which is like choosing between vodka and caviar – both good, but with different flavors. 🍾

WLFI claims USD1 is the stablecoin for the serious folks, the institutions who wouldn’t be caught dead with an algorithmic monstrosity. They’re all about transparency, with third-party auditors peering over their shoulder like nosy neighbors. 🧐

But hold your horses, comrades! It seems this USD1 saga has been brewing for weeks. Whispers on the blockchain grapevine hinted at a launch on BNB Chain, with even the mysterious Wintermute getting involved. 🤫 The Trump family, notorious for their love of a good publicity stunt, stayed suspiciously quiet. 🤔

Welcome to @BNBChain!

According to BSCScan, the smart contract was deployed 20 days ago. Build! 👏

— CZ 🔶 BNB (@cz_binance) March 24, 2025

BitGo: The Trustworthy Custodian?

Enter BitGo, a digital asset custodian with the weight of Wall Street on its shoulders. They’ll be holding USD1’s reserves, ensuring everything is above board, or at least as above board as things get in the crypto world. 👮‍♀️

BitGo CEO Mike Belshe, a man who probably wears cufflinks with his bathrobe, assures us that USD1 is the ultimate fusion of DeFi and traditional finance. “Deep liquidity,” he says, “regulated, qualified custody.” Sounds like a recipe for success, wouldn’t you say? 👨‍💼

WLFI, led by co-founder Zach Witkoff, is touting USD1 as the safe haven for institutions venturing into the wild world of DeFi. “Secure, cross-border transactions,” they promise, “without exposure to additional risks.” 🤩 Sounds too good to be true, doesn’t it?

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2025-03-25 16:24