Key facts
- World Liberty Financial launched its USD1 stablecoin on the Canton Network.
- USD1 is the sixth-largest stablecoin with a market capitalization of over $4 billion.
- The stablecoin will be used for settling transactions involving tokenized real-world assets.
- BitGo Bank & Trust manages USD1's reserves and processes mints and redemptions.
- Canton Network processes more than $9 trillion in tokenized assets monthly.
World Liberty Financial has launched its USD1 stablecoin natively on the Canton Network, a move designed to facilitate institutional transactions involving tokenized real-world assets. This integration allows USD1 to settle alongside tokenized assets within the same transaction, leveraging Canton's privacy and permissioning features.
USD1, with a market capitalization of approximately $4.05 billion, ranks as the sixth-largest stablecoin. BitGo Bank & Trust oversees the stablecoin's reserves and manages the minting and redemption processes. The stablecoin's backing includes short-term US Treasurys, government money market funds, and dollar deposits.
Canton Network, a public, permissionless blockchain tailored for institutional finance, reports processing over $9 trillion in tokenized assets monthly, with more than $350 billion in onchain US Treasurys transacting daily. This expansion follows a recent announcement of a pilot program for distributing state-administered benefits using a Canton-based system across three US states, involving Digital Asset and the American Idea Foundation.