USD1

On 12 March 2025, Abu Dhabi-based MGX announced a $2 billion minority investment in Binance. It called the payment the largest investment paid in crypto using a stablecoin, but did not identify the stablecoin.

World Liberty Financial revealed USD1 on 25 March for Ethereum and BNB Chain. Three days later, BitGo said WLF had selected its Stablecoin-as-a-Service infrastructure for custody, issuance and redemption, placing BitGo’s operational infrastructure behind the newly public brand.

At a Dubai conference on 1 May, WLF co-founder Zach Witkoff said USD1 had been selected to close the MGX transaction. Binance announced plans for USD1 products on 22 May. The available record confirms the unnamed March announcement and the later selection statement; it does not independently establish that settlement was completed as described.

BitGo’s March 2026 Additional Terms name BitGo Bank & Trust, N.A., an OCC-supervised national trust bank, as the issuer. The July reserve report assigns ownership and control of the USD1 brand and certain trademarks to WLF entities. A leftover issuer placeholder on the separate USD1 Terms page is a documentation defect, so the documents that identify BitGo expressly carry the current issuer conclusion.

WLF’s Gold Paper helps explain the brand’s political reach. It calls members of the Trump family “Co-Founder” or “Co-Founder Emeritus” while describing those titles as illustrative, and it records a DT Marks DEFI LLC agreement for promotion and licensed use of names, images and likenesses. These are branding arrangements alongside the issuer documents.

WLF later announced preliminary conditional approval to organize World Liberty Trust Company. Its release says further conditions must be satisfied before the proposed bank begins operations. The announcement therefore records a possible future issuance structure while BitGo remains the issuer named in the current Additional Terms and reserve report.

At July 31, BitGo reported about 3.997 billion redeemable USD1 and about $4.001 billion of redemption assets held through demand deposits and a U.S. government money-market fund. KPMG’s opinion covered management’s assertion at July 15 and July 31 under the cited AICPA criteria; the report excludes its Background and Summary, does not examine every intervening day and gives no opinion on internal-control effectiveness. WLF likewise describes its live dashboard as informational and points readers to the monthly reports for formal evidence.

WLF’s reviewed registry listed 11 networks, whereas BitGo’s July report counted native issuance on six. Ethereum and BNB Chain used the same proxy address but separate state, and only those two deployments received a fresh contract-control check in this review. WLF later announced native USD1 on Canton, while Canton and Tempo were absent from the 11-network page. The registry, reserve report and later announcement are dated records with different scopes, rather than a single current inventory.

A registered BitGo customer with an active account in Good Standing can submit direct mint and redemption requests after identity, anti-money-laundering and sanctions checks, subject to BitGo’s timing, limits and fees. A wallet-only holder can receive and transfer USD1 but cannot request dollars directly from BitGo; that person must use an intermediary or first become an eligible BitGo customer. This is the practical difference that matters when the token moves from a blockchain wallet back to dollars.