coindesk.com
World Liberty Financial, the crypto venture backed by U.S. President Donald Trump's family, launched its first decentralized finance (DeFi) web app — World Liberty Markets — offering lending and borrowing services for its dollar-pegged stablecoin USD1, according to a press release on Monday.
The new platform, built on infrastructure from DeFi protocol Dolomite, gives users the ability to supply and borrow digital assets onchain, starting with USD1 as the primary asset.
Dolomite's native DOLO token rose by 57% following the announcement while WLFI is up by 4.8% in the past two hours.
Other supported collateral on the platform includes the WLFI governance token, ether ETH$3,102.25, coinbase wrapped bitcoin (cbBTC), USDC and USDT.
World Liberty Financial raised $590 million in a token sale for WLFI last year, placing in the top 10 largest crypto token sales of all time.
The lending markets are relatively thin so soon after going live, but initial indications are that users can borrow USD1 by paying around 0.83% and lend it out to earn 0.08%, although these figures will likely change once more volume occurs.
World Liberty Financial said the rollout marks a major expansion in USD1’s “real-world utility,” positioning it within active DeFi markets. The stablecoin recently surpassed $3.4 billion in circulating supply, according to CoinDesk data.
“USD1 has exceeded every expectation,” said World Liberty co-founder and COO Zak Folkman in a statement, framing the new lending markets as the first of several products planned over the next 18 months.
The platform also incorporates a USD1 Points Program that rewards users who supply the stablecoin, though detailed terms and eligibility criteria were not disclosed in the release.