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NEW
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20 USDT
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Gate Blog
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Proof of Reserves
Gate promises 100% proof of reserves
U.S. Senator questions the significant risks of the Trump family's stablecoin project.
Five Democratic senators in the U.S. sent a letter to The Federal Reserve (FED) and the OCC expressing concerns over the stablecoin USD1 launched by the Trump family’s encryption project WLFI, stating that it constitutes “an unprecedented conflict of interest” that could jeopardize the safety of the financial system. The letter pointed out that Trump has strengthened control over White House policies through executive orders, exacerbating the risk to regulatory independence. Since its establishment in September 2024, WLFI has raised $550 million and launched the USD1 stablecoin on the BNB Chain and Ethereum at the end of March. (Cointelegraph)