World Liberty Financial (WLF), a decentralized finance (DeFi) platform with ties to former U.S. President Donald Trump, is set to release an independent audit of its stablecoin, USD1, and launch a new mobile application aimed at retail crypto investors. These key developments were shared by WLF co-founder Zak Folkman during the Permissionless Conference in Brooklyn on June 25, emphasizing the company's commitment to transparency and mainstream adoption of digital assets.

Folkman confirmed that WLF has completed its first accounting attestation for USD1 and plans to publish the report within days. This audit will provide detailed insights into the reserves backing USD1, which include a combination of US dollar deposits, treasuries, and cash equivalents. BitGo is serving as the custodian for these reserves, and WLF intends to publish monthly reserve updates to further enhance transparency for investors. Since its launch in March, USD1 has rapidly achieved a market capitalization of $2.2 billion and operates across major blockchain networks including Ethereum, BNB Chain, and TRON. The stablecoin is designed to be fully backed and redeemable 1:1 for U.S. dollars, positioning itself as a transparent, secure, and stable digital alternative for on-chain and real-world transactions, including cross-border payments.

In parallel with the stablecoin audit, WLF is developing a user-friendly mobile application. This app is designed to simplify cryptocurrency use and make digital assets more accessible to everyday investors by integrating stablecoin payments and wallet functionalities. Expected to go live in the coming weeks, the app's simple interface aims to encourage wider adoption of crypto among mainstream users. Folkman also hinted at a significant upcoming change for the platform’s governance token, WLFI, suggesting it could soon become available for trading on exchanges. This would mark a pivotal shift, as WLFI tokens currently provide holders with voting rights on network proposals and roadmap decisions but are not tradable on secondary markets.

The association with Donald Trump and his family has brought significant attention, and scrutiny, to WLF. WLFI and USD1 have reportedly generated hundreds of millions of dollars in revenue for the Trump family business. Public disclosures revealed that Trump personally received $57.35 million from WLFI token sales and continues to hold a substantial amount of tokens. While the Trump family reportedly reduced its stake in WLF from 60% to 40%, netting over $130 million from the sale, the venture has drawn sharp criticism from lawmakers and ethics watchdog groups. Concerns have been raised over potential conflicts of interest, particularly given Trump's advocacy for looser crypto regulations during his presidential campaign while financially benefiting from the sector. Despite the criticism, USD1 continues to grow, bolstered by initiatives like a $2 billion transaction from UAE-based MGX and a $4 million giveaway reaching 85,000 wallets.

WLF's progress occurs amidst heightened global regulatory scrutiny of stablecoins. The Bank for International Settlements (BIS) recently issued strong warnings on June 24, urging nations to regulate stablecoins and accelerate the development of central bank digital currencies (CBDCs). BIS officials have voiced concerns that stablecoins lack transparency, pose risks to monetary sovereignty, and could potentially trigger 'fire sales' if reserve assets collapse. The group advocates for 'tokenised unified ledgers' to integrate central bank reserves and government bonds into programmable, secure platforms. As global bodies call for more stringent oversight, WLF's activities underscore the increasing intertwining of political figures with high-growth crypto ventures, pushing the boundaries of both financial innovation and regulatory oversight in the evolving digital asset landscape.