WLFI USD1 rebounds to $1 as tokenized Maldives resort plans move forward

crypthub

about 7 hours ago

Stablecoin Peg Restored

World Liberty Financial’s USD1 stablecoin briefly fell to $0.9934 after a coordinated attack but quickly returned to its $1 peg. The firm attributes the resilience to its mint‑and‑redeem design and strong market demand. Trading resumed under normal conditions, and the token’s reserves remain fully backed one‑to‑one.

Attack Details and Transparency

Hackers accessed accounts of co‑founders and paid influencers to spread doubt, aiming to profit from short positions. WLFI restored account access, confirmed reserves were untouched, and urged users to follow official updates. Co‑founder Zach Witkoff highlighted verifiable data and compliance with the GENIUS Act framework.

Tokenized Maldives Resort

WLFI announced a luxury resort project in the Maldives, issuing tokens during development to give investors early exposure and higher potential returns. Tokens will provide fixed yields and loan‑revenue streams. Early interest is driven by participants in the USD1 liquidity program on Binance, with 235 million WLFI tokens slated for distribution between February 20 and March 20.

Political Scrutiny

House Democrats, led by Rep. Gregory Meeks, have asked Treasury Secretary Scott Bessent to examine WLFI’s financial ties, including an investment from a UAE royal family member. Lawmakers cite potential national‑security concerns and seek possible additional oversight. The request follows WLFI’s expanding role in stablecoins and real‑estate tokenization.