World Liberty Financial (WLFI), the DeFi project partly owned by the Donald Trump family, has opened a community vote to decide whether to proceed with an airdrop of its new stablecoin, USD1.
As of press time, 99.98% of voters backed the proposal, representing roughly 4 billion WLFI tokens. Only a small fraction, equating to 0.02% or about 958,000 tokens, voted against it.
As stated on the project’s official forum, the governance process began on May 6 and will remain open until May 13.
The airdrop serves three primary purposes. First, it aims to test WLFI’s airdrop infrastructure in a live environment. Second, it offers early supporters a first interaction with USD1 before its public launch.
Lastly, the move will drive the initial visibility and awareness for USD1 before its broader market access.
So, if the community vote passes, WLFI will move forward with the airdrop and issue a public notice once it begins.
However, the team clarified that the final amount of USD1 to be distributed hasn’t been set and will depend on the number of eligible wallets and available resources.
WLFI also stated that it retains full discretion to modify, delay, or cancel the airdrop regardless of the vote’s outcome.
USD1 enters top five stablecoins
Despite its recent launch, USD1 has quickly gained momentum and now ranks among the top five stablecoins by market capitalization.
Data from CryptoSlate shows that USD1’s market cap has already surpassed $2 billion, putting it just behind major players like USDT, USDC, DAI, and USDe.
Besides that, the stablecoin has seen growing integration across major trading platforms, including HTX and DeFi protocols like Lista DAO.
In addition, Abu Dhabi-based investment firm MGX will use the digital asset to settle its $2 billion investment in Binance, the largest crypto trading platform in the world.
USD1 is fully backed by U.S. dollar reserves, short-term Treasury securities, and other liquid assets, ensuring a 1:1 peg with the dollar.
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