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Alchemy Pay has added support for $USD1, a U.S. dollar-backed stablecoin created by World Liberty Financial, giving users around the world easier access to the fast-growing asset.
Announced in a May 30 press release, the integration allows users across 173 countries to purchase the $USD1 stablecoin using common fiat payment options such as Visa, Mastercard, Apple Pay, Google Pay, mobile wallets, and local bank transfers.
$USD1 was launched in March by $WLFI and is managed by BitGo Trust Company, a custodian subject to U.S. regulations. The stablecoin has rapidly risen become the seventh-largest stablecoin by market capitalization, with a current valuation of $2.15 billion, according to DeFiLlama data. It is designed to stay pegged to the U.S. dollar at a 1:1 ratio, backed by U.S. Treasuries.
Alchemy Pay’s payment infrastructure supports more than 300 fiat channels. The platform holds a number of regulatory licenses, including nine U.S. Money Transmitter Licenses. Its main goal is to facilitate fiat-to-crypto access for users around the world. The addition of $USD1 will make it easier for institutional and individual users to access the dollar-based digital asset.
$WLFI, the company behind $USD1, operates a decentralized finance platform that is influenced by President Donald Trump’s economic views. By providing legally compliant tools, the organization hopes to increase public access to DeFi. The launch of $USD1 is a key part of that initiative.
Major exchanges like Binance, Bitget, KuCoin, MEXC, and HTX have listed $USD1 just months after its launch. To expand $USD1’s use in DeFi applications and enable safe transfers across multiple blockchains, $WLFI has also partnered with Chainlink (LINK) to incorporate its cross-chain interoperability protocol.
Despite its momentum, $USD1 has come under political scrutiny. On May 23, three U.S. senators proposed amendments to the GENIUS Act, citing possible conflicts tied to Trump’s connection with $WLFI. Lawmakers also requested information about $WLFI’s interactions with the Trump administration earlier in May.
In response, $WLFI’s legal counsel defended the project’s operations, claiming that they adhere to U.S. financial standards. Meanwhile, institutional interest in $USD1 continues to grow. Abu Dhabi-based investment firm MGX recently announced it would use the stablecoin to fund a $2 billion investment into Binance, further validating its utility.