Trump-linked crypto firm plans stablecoin audit and new investor app

World Liberty Financial (WLF), the Donald Trump-linked decentralised finance (DeFi) platform, is preparing to release an independent audit of its stablecoin USD1 and will soon launch a new mobile app aimed at retail crypto investors. WFL co-founder Zak Folkman shared the update during the Permissionless Conference in Brooklyn on June 25. Folkman confirmed that the company had completed its first accounting attestation and would publish the report within days. The audit will detail the reserves backing USD1, which include US dollar deposits, treasuries, and cash equivalents. BitGo is acting as the custodian, and WLF will begin publishing monthly reserve updates to enhance transparency.

USD1 has reached a market cap of $2.2 billion since its March launch and operates on Ethereum, BNB Chain, and TRON. “We’re going to have very transparent auditing from a financial level,” Folkman said, emphasising WLF’s commitment to investor confidence. In addition, WLF is developing a user-friendly mobile app designed to simplify crypto use for mainstream investors. The app is expected to go live in the coming weeks.

Perhaps most notably, Folkman hinted that the platform’s governance token, known as WLFI, could soon become available for trading. “If you pay attention over the next couple of weeks, I think everyone’s going to be very, very happy,” he said.

Trump ties raise ethics concerns

WLFI and USD1 have generated hundreds of millions of dollars in revenue for Donald Trump’s family business, intensifying scrutiny from lawmakers and watchdog groups. Critics have raised ethical concerns about potential conflicts of interest, especially as Trump advocates for looser crypto regulations during his presidential campaign.

The Trump family reportedly reduced its stake in WLF from 60 per cent to 40 per cent earlier this month, netting over $130 million from the sale and bringing in $190 million in total. WLFI tokens, which provide governance rights, were initially sold to raise capital but were not listed on exchanges. Despite criticism, adoption of USD1 continues to grow. Airdrops and large-scale investments, such as a $2 billion transaction by UAE-based MGX and a $4 million giveaway reaching 85,000 wallets, have helped solidify its presence in the stablecoin market.

Stablecoin landscape under scrutiny

The rise of USD1 comes amid increasing global regulatory scrutiny of stablecoins. On June 24, the Bank for International Settlements (BIS) issued its strongest warning yet, urging nations to regulate stablecoins and accelerate central bank digital currency development. BIS officials warned that stablecoins lack transparency, pose risks to monetary sovereignty, and could trigger “fire sales” if reserve assets collapse.

The group advocated for “tokenised unified ledgers” to integrate central bank reserves and government bonds into programmable, secure platforms. As the BIS calls for bold action, WLF’s moves highlight how political figures are increasingly intertwining with high-growth crypto ventures, pushing the boundaries of both financial innovation and regulatory oversight.