# World Liberty Financial USD1 Ledger Supply, reserves and attestations for [[USD1]], [[World Liberty Financial]]'s dollar stablecoin. A stablecoin earns money on the **float**: interest on the reserves behind the coins in circulation. So the supply line is, roughly, the size of the business. **Ledger discipline:** the attestation table holds only figures from published reserve attestations. Press and market-data figures go in the second table. An attestation is not an audit: it confirms reserves on a date, not the controls behind them. ## Structure - **Announced:** March 25, 2025. - **Issuer and custodian:** [[BitGo]], now **BitGo Bank & Trust, N.A.** (OCC-approved conversion, Dec 12, 2025). World Liberty's own trust bank, once open, would take over issuance and custody. - **Economics:** held through **Stablecoin Holdco LLC**, of which the Trump family owns 38.25% (2025 OGE filing). - **Attestations:** monthly, by KPMG LLP. In October 2025 NYDIG criticized the attestations for running months behind. ## Attested figures | As of | Coins in circulation | Reserves | Composition | Report date | |---|---|---|---|---| | Jul 31, 2026 | 3.997B | ≥ supply | ~27% bank demand deposits, ~73% government money-market fund. By chain: Ethereum 1.54B, BNB Chain 1.41B, others (Tron, Solana, Aptos, Tempo) 1.05B | KPMG (July report) | | **Aug 31, 2026** | **4,195,303,689** | **$4.196B** | | KPMG, dated Sep 24, 2026 | | Sep 30, 2026 | pending | | | | ## Reported supply (press and market data) | As of | Supply | Source | |---|---|---| | Mid-2025 | ~$2B, mostly held by Binance | Reuters | | Oct 2025 | ~$2.7B | NYDIG | | Early Feb 2026 | over $5B | The Block | | ~Feb 26, 2026 | ~$4.7B | Cointelegraph | Supply peaked above $5 billion in early 2026 and has run around $4–4.2 billion since. ## Events | Date | Event | Notes | |---|---|---| | May 1, 2025 | **[[MGX]] settles its $2B [[Binance]] investment in USD1** | The anchor transaction. MGX is chaired by [[Tahnoon bin Zayed]], whose Aryam vehicle owns 49% of WLF | | Jan 14, 2026 | Pakistan MOU on USD1 for cross-border payments | With WLF affiliate SC Financial Technologies (Reuters) | | ~Feb 23, 2026 | Brief de-peg to ~$0.994 | WLF blamed a "coordinated attack." ⚠️ Crypto trade press only | | Oct 1, 2026 | USD1 used to pay WLFI governance rewards | WLF paying holders in its own liability; see [[World Liberty Financial Token Ledger]] | | Oct 7, 2026 | ⚠️ Reported Mesh partnership for USD1 online-merchant payments | Single-sourced | ## The rate question With roughly $4.2 billion of reserves mostly in a government money-market fund, the float earns whatever short-term Treasury rates pay. Every Federal Reserve rate decision therefore moves the income of a business the president's family part-owns. That is a standing conflict with no filing to track it; watch the [[Interest Rate Policy Timeline]] alongside this ledger. ## Watch - Monthly attestations: supply trend and any change in reserve mix - GENIUS Act compliance determination (none found as of Oct 2026) - Migration of issuance from BitGo to World Liberty Trust - Any new sovereign or exchange anchor customer like MGX ## See Also - [[USD1]] · [[BitGo]] · [[World Liberty Financial Dossier]] · [[Stablecoin]] · [[GENIUS Act]]