Zak Folkman highlights growing interest in World Liberty Financial's stablecoin
World Liberty Financial Inc., a decentralized finance platform linked to the Trump family, is attracting significant interest from public companies exploring using its token as a treasury asset, according to co-founder Zak Folkman.
Speaking at the Permissionless crypto conference in New York on Wednesday, June 25, Folkman also announced the launch of the new World Liberty Financial App.
Folkman anticipates USD1 becoming the biggest stablecoin by market cap
Crypto treasury firms have become popular since the success of Strategy, the company Michael Saylor leads. The firm has over $60 billion worth of Bitcoin on its balance sheet and a market capitalization surging to over $100 billion.
Folkman noted that several companies admire Michael Saylor and his accomplishments. This is particularly true of his strategy and his promotion of companies keeping their crypto reserves.
Goodfood Market Corp., Semler Scientific Inc., and Trump Media & Technology Group Corp. are some companies that have revealed plans or started their own efforts to hold cryptocurrency.
Meanwhile, companies are changing the Strategy Playbook by using alternative tokens instead of Bitcoin when implementing their plans.
For instance, Upexi raised $100 million to purchase the Solana token last week to keep in its treasury, while Sharplink Inc. holds $425 million worth of the second-largest cryptocurrency, Ether.
Folkman also weighed on the future potential of World Liberty’s USD1 stablecoin, valued at approximately $2.1 billion. Notably, the largest stablecoin is USDT, from Tether, which has about $156.8 billion in circulation.
Based on Folkman’s speculations, they have tackled the challenges that a company will encounter, and now it is just a matter of time before USD1 becomes the biggest stablecoin by market cap.
He further anticipated that everyone would come to this conclusion when they witness several developments in the upcoming months.
With the Genesis Act, one of the main US stablecoin laws, set to pass into law, digital dollar-pegged assets have become even more attractive to investors.
Fintech firms adopt the growing trend of launching stablecoins
Apart from public companies showing interest in stablecoins, fintech firms have adopted this trend and aim to follow World Liberty Financial’s lead in launching stablecoins.
Fiserv announced that it plans to release a stablecoin, amid increasing interest in the token from US companies as the cryptos move toward the mainstream.
The announcement followed the US Senate passing a milestone stablecoin bill that analysts said could represent a turning point in the crypto oversight debate and a breakthrough for a sector stuck in regulatory limbo for years.
The fintech company said its stablecoin, FIUSD, will be embedded into its existing banking and payments platform by the end of the year. The company added that FIUSD will use stablecoin infrastructure delivered from Paxos and Circle Internet.
Shares of Circle, the issuer of the second-largest stablecoin by market value, were up 15%, and Fiserv and PayPal were up 2.3% and 1.7% respectively.
Stablecoins are tied to currencies such as the US dollar and are meant to maintain a consistent value from reserves held. Once a niche corner of crypto, they have become popular for their ability to protect from price swings.
Fintech companies and traditional banks use stablecoins more frequently to make cross-border payments easier, speed up transactions, and expand access to digital finance.
Analysts at TD Cowen mentioned that they view the launch as a sign of Fiserv’s skill in quickly innovating and utilizing its central role between banks and merchants to connect old and new payment systems.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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