What is USD1? World Liberty Financial's stablecoin

USD1 is a dollar stablecoin from World Liberty Financial, issued and held in custody by BitGo, with about $4.4 billion in circulation on Ethereum, BNB Chain and Solana.

USD1 is a stablecoin designed to hold $1, issued by World Liberty Financial, a crypto company co-founded by members of the Trump family. BitGo, a regulated custodian, handles issuance, custody and redemption, and holds the reserves. It launched in March 2025 and had about $4.4 billion in circulation on 23 September 2026, according to DefiLlama, making it one of the larger dollar stablecoins after USDT and USDC.

How USD1 works

• Issuer: World Liberty Financial, with BitGo running issuance, custody, minting and redemption
• Reserves: cash, US government money market funds and other cash equivalents, held by BitGo (USD1 docs)
• Reporting: monthly attestation reports on the reserves, with July 2026 the latest listed on 23 September 2026
• Redemption: approved BitGo customers can redeem directly for dollars. Everyone else buys and sells on exchanges

Like USDC and USDT, USD1 pays holders nothing. The issuer keeps the income from the reserves.

Where USD1 lives

Source: DefiLlama. USD1 is unusual in being spread almost evenly across three chains, where most stablecoins concentrate on one or two.

How USD1 grew

USD1 reached $2.1 billion within weeks of launch in 2025. Its largest single use came when MGX, an Abu Dhabi investment firm, settled a $2 billion investment in Binance in USD1, so a large share of early supply sat with one exchange. Supply peaked at about $5.4 billion in February 2026 and stood at $4.4 billion in September.

Regulation

In August 2026 the OCC granted preliminary conditional approval to World Liberty Trust Company, a limited-purpose national trust bank planned to handle USD1 issuance, redemption and reserve management. The approval comes with conditions to meet before it can open (Banking Dive).

World Liberty says USD1 is designed to meet the GENIUS Act's stablecoin standards. That's the issuer's own description, since US regulators are still writing the rules that bring the law into force. Earlier, in October 2025, research firm NYDIG noted delays in USD1's attestation reports (CoinDesk).

Earning yield on USD1

Returns on USD1 come from lending it or providing liquidity. On 23 September 2026 the largest USD1 lending pool, on Lista Lending on BNB Chain, paid 1.16% on $138 million, per DefiLlama. Higher advertised rates elsewhere were mostly paid in reward tokens. Rates are variable and change daily.

Upshift doesn't currently run a vault that takes USD1 deposits. Its multi-asset stablecoin vaults, such as Sentora USD, accept USDC, USDT, RLUSD and PYUSD. Our guides to USDC yield and USDT yield show where the larger stablecoins earn.

How USD1 compares with other stablecoins

Supply figures from DefiLlama. None of these issuers pays holders interest directly; returns come from lending, platform rewards or, for USDe, staking into sUSDe. The two largest are compared in depth in our USDC vs USDT guide.

Risks

• Issuer and custodian: USD1 depends on World Liberty Financial and on BitGo holding and redeeming the reserves
• Concentration: a few large holders, including exchanges, account for much of the supply
• Regulatory: the trust bank approval is conditional, and GENIUS Act rules aren't final
• DeFi: lending and liquidity positions add smart contract risk

Always make sure to do your own research and be aware of the above and any other risks before depositing.

Frequently asked questions

What is USD1 in crypto?
A dollar stablecoin issued by World Liberty Financial, with BitGo holding the reserves in cash and government money market funds.

Who owns USD1?
USD1 is issued by World Liberty Financial, a company co-founded by members of the Trump family. BitGo holds the reserves and handles minting and redemption.

Can you buy USD1?
Yes, on exchanges that list it, including Binance. Approved BitGo customers can also mint and redeem it directly.

How do you make money with USD1?
USD1 pays holders nothing. Returns come from lending it on platforms such as Lista, or providing liquidity, with variable rates.

Is USD1 audited?
Its reserves are covered by monthly attestation reports, which are narrower than a full financial audit.

Which chains is USD1 on?
Mainly Ethereum, BNB Chain and Solana, with small amounts on other chains.

Keep reading

• USDC vs USDT in 2026. How the two largest stablecoins compare.
• Where USDC yield comes from. Rates and risks by venue.
• How the GENIUS and CLARITY Acts reshape stablecoin yield. What US law means for issuers.
• How to earn yield on stablecoins in 2026. The main routes across every major stablecoin.