Trump-linked stablecoin wobbles as WLFI says its under coordinated attack

U.S.U.USD1, $USD1 $$1. S S. World Liberty Financial’s dollar stablecoin a crypto protocol with close ties to President Donald Trump’s family – fell from its $1 peg on Monday amid what the project’ developers described as attempting ‘coordinated attack’ against the protocol.

This token was reduced to $0, and as low as $ 0. Day to day 994, some 0. coingecko, data shows that 6% from its intended $1 anchor.

During one of the posts on Monday, in a post written by $USD1 last week, the team behind multiple cofounder accounts was “hacked,” influencers were paid to sow doubt and short positions against the protocol’s native token, WLFI, which they described as an effort deliberately designed to provoke panic and profit from it.

A redemption mechanism that allows $USD1 holders to exchange their tokens for the same amount of U.S. money,’ the post said in a statement on its behalf after it failed at work. A , S. dollars as the reason why the peg held firm.

Nevertheless, the token was still traded at $0 and it remains in use of s. A few 0 (998, some ) 998. In CoinGecko shows, which collects price data from exchange pairs, coin-payers are 2% below its intended $1 price anchor.

$USD1

price (CoinGecko)

A large dollar-backed stablecoin is $USD1, which has been signed up with Crypto custodian BitGo (BITG) as a partnership with crypto’s currency sponsor. It has a $5 billion market capitalization, but still trails big players such as Tether’s $USDT $UST$1 and its $ USDT. Circle’s (USDC) and 0002 – .

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