Trump-linked USD1 stablecoin wobbles as WLFI says it's under 'coordinated attack'
CoinDesk
The USD1 stablecoin, linked to Donald Trump's family via World Liberty Financial, briefly de-pegged amid an alleged coordinated attack.Summary
The USD1 stablecoin, issued by World Liberty Financial (WLFI) and linked to President Donald Trump’s family, briefly dropped to $0.994, or 0.6% below its $1 peg on Monday. The project developers claimed this was due to a "coordinated attack," involving hacked cofounder accounts, paid influencers spreading doubt, and short positions opened against the native WLFI token. Despite the wobble, the developers asserted the peg held due to a redemption mechanism allowing USD1 holders to exchange tokens for U.S. dollars. However, the token still traded slightly below $1 at $0.998 later in the day. USD1 is a major dollar-backed stablecoin with a $5 billion market capitalization, issued in partnership with crypto custodian BitGo.
(Source：CoinDesk)