Alchemy Pay integrates World Liberty Financial's stable USD1 coin for enhanced financial services.
Alchemy Pay Facilitates Global Access to USD1, a U.S. dollar-backed stablecoin from World Liberty Financial
In a press release dated May 30, Alchemy Pay announced the integration of USD1, a stablecoin backed by the U.S. dollar, created by World Liberty Financial (WLFI). This move provides users worldwide with an easier avenue to purchase USD1, utilizing popular payment methods such as Visa, Mastercard, Apple Pay, Google Pay, mobile wallets, and local bank transfers across 173 countries.
USD1 was unveiled in March by WLFI in partnership with BitGo Trust Company, a custodian subject to U.S. regulations. The stablecoin's rapid growth has seen it become the seventh-largest in terms of market capitalization, with a current valuation of $2.15 billion, according to DeFiLlama data. Designed to maintain a 1:1 ratio with the U.S. dollar, USD1 is backed by U.S. Treasuries.
Alchemy Pay's payment infrastructure supports over 300 fiat channels and holds numerous regulatory licenses, including nine U.S. Money Transmitter Licenses. The platform aims to simplify fiat-to-crypto access for users worldwide. The addition of USD1 makes it easier for both institutional and individual users to access the dollar-based digital asset.
WLFI, the entity behind USD1, operates a decentralized finance (DeFi) platform that mirrors President Donald Trump's economic views. The organization intends to provide legally compliant tools, promoting increased public access to DeFi. The launch of USD1 is a significant component of this initiative.
Major exchanges such as Binance, Bitget, KuCoin, MEXC, and HTX have listed USD1 shortly after its launch. WLFI has also partnered with Chainlink (LINK) to incorporate its cross-chain interoperability protocol, aimed at enabling safe transfers across multiple blockchains to expand USD1's use in DeFi applications.
Despite its rapid growth, USD1 has encountered political scrutiny. On May 23, three U.S. senators proposed amendments to the GENIUS Act, citing potential conflicts related to Trump's connection with WLFI. The senators also requested information about WLFI's interactions with the Trump administration earlier in May.
In response, WLFI's legal counsel has defended the project's operations, claiming they adhere to U.S. financial standards. Institutional interest in USD1 continues to thrive, with Abu Dhabi-based investment firm MGX announcing it will use the stablecoin for a $2 billion investment into Binance, further validating its utility.
WLFI has yet to announce plans for integrating USD1 with the Tron network, though the organization has expressed intentions to expand USD1 to additional blockchains beyond Ethereum and BNB Chain. This move could potentially enhance cross-border transactions for institutions and retail users.
- Alchemy Pay's integration of USD1, a U.S. dollar-backed stablecoin, now allows users worldwide to purchase it using popular payment methods, including Binance and other major exchanges.
- The addition of USD1 to Alchemy Pay's platform simplifies access to the dollar-based digital asset for both institutional and individual investors, further expanding its reach in the crypto finance and investing landscape.
- Binance, a major exchange, has listed USD1 shortly after its launch, and partnerships with platforms like Chainlink aid in the stablecoin's cross-chain interoperability, allowing for safe transfers across multiple blockchains like Tron.
- As USD1 continues to grow, with a current market capitalization of $2.15 billion, it has become subject to political scrutiny, as seen with the proposed amendments to the GENIUS Act addressing potential conflicts related to President Donald Trump’s association with World Liberty Financial.
- Despite this scrutiny, institutional interest in USD1 thrives, with organizations like MGX announcing plans to use the stablecoin for a $2 billion investment into Binance, highlighting its utility in the crypto finance and technology sphere.
- World Liberty Financial has expressed intentions to expand USD1 beyond Ethereum and BNB Chain to additional blockchains, including Tron, potentially enhancing cross-border transactions for both institutional and retail users in the decentralized exchange (DEX) and DeFi realms.
