Trump-Backed Crypto Firm to Release Stablecoin Audit, Teases WLFI Trading
Zak Folkman, co-founder of World Liberty Financial — the cryptocurrency platform linked to U.S. President Donald Trump — announced on Wednesday that the company will publish an audit of its stablecoin USD1 “within days” and is preparing to launch a new app.
Speaking at the Permissionless conference in Brooklyn, organized by crypto media firm Blockworks, Folkman also suggested that the platform’s governance token, WLFI, may soon become tradable. Launched just two months before the upcoming U.S. presidential election in November, WLFI has reportedly generated hundreds of millions in revenue for the Trump family business.
World Liberty said in mid-March it had raised $550 million selling so-called governance tokens. Most of those sales took place after Trump’s election win in November, according to Reuters.
The project has sparked criticism from Democratic lawmakers and ethics watchdogs, who argue that it presents potential conflicts of interest, especially as the administration eases crypto regulations and pulls back enforcement.
In January, the Trump Organization said that the president’s business interests, investments, and assets were placed in a trust managed by his children. Neither the White House nor the Trump Organization immediately responded to requests for comment.
World Liberty Financial has raised significant capital by offering governance tokens, which allow holders to vote on the project’s future development and codebase changes, but currently, these tokens are non-tradable.
When asked by Blockworks co-founder Jason Yanowitz if the WLFI token would become tradable, Folkman replied: “I don’t want to give away too much, but if you pay attention over the next couple of weeks, I think everyone … is going to be very, very happy.”
Folkman also revealed that WLF will be launching a new app aimed at making crypto use more accessible to everyday investors. He noted the company had received its first attestation report for the stablecoin from an accounting firm and that it would be publicly available soon. “We’re going to have very transparent auditing from a financial level,” he said.
