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- Alchemy Pay now offers USD1, a U.S. dollar-backed stablecoin, accessible in 173 countries via popular payment methods.
- USD1 is fully backed by U.S. Treasury securities and is now one of the top stablecoins in the market.
- Major exchanges list USD1, while WLFI partners with Chainlink to boost its use in decentralized finance across blockchains.
Alchemy Pay is offering support for USD1, a stablecoin backed by USD, to help users worldwide get easier access to cryptocurrencies. Customers in 173 countries are now able to purchase USD1 using common methods such as Visa, Mastercard, Apple Pay, Google Pay and local banking. The announcement, made on 30 May, is designed to help make digital assets available to users across the globe.
In March, WLFI introduced USD1 and it is managed by BitGo Trust Company, a U.S. custodian. A USD1 is equivalent to one U.S. dollar and is fully backed by U.S. Treasury securities. Data from DeFiLlama shows that it is now the seventh-largest stablecoin, with a current market cap of $2.15 billion.
Alchemy Pay’s Global Reach
Alchemy Pay’s payment system is able to work with over 300 fiat channels. It has nine U.S. Money Transmitter Licenses, the company is regulated properly. The main goal of Alchemy Pay is to make it easier for individuals around the globe to access digital assets. With USD1 being added, the platform continues to support broader access to secure and stable dollar-linked stablecoins for everyone, including businesses.
WLFI, the company behind USD1, runs a decentralized finance platform based on former President Donald Trump’s economic ideas. The goal of delivering compliant tools is to increase the adoption of DeFi services by many users. However, the introduction of USD1 makes decentralized finance easier for more users by complying with all laws and regulations.
However, major exchanges Binance, Bitget, KuCoin, MEXC and HTX have all listed USD1. WLFI is working with Chainlink on its cross-chain protocol to allow safe sharing of assets between numerous blockchains. While, it will increase the ability of USD1 to work inside decentralized finance platforms, helping it become more widely used in cryptocurrency.
USD1’s Growing Reputation
Even though USD1 has achieved a lot, it has come under political criticism. On 23 May, three senators presented concerns about conflicts arising from the GENIUS Act’s connection to WLFI and President Trump’s economic beliefs. While, the WLFI team claimed that the project is up to the standards and regulations set in the United States.
However, USD1 is becoming more popular among institutions. MGX, an investment firm from Abu Dhabi, has recently revealed that it will use USD1 to invest $2 billion into Binance. The move helps confirm USD1’s reputation and rising importance in the digital asset world.
