The Trump family-backed crypto stablecoin, USD1, briefly fell below its $1 benchmark on Monday, dipping to around $0.994 before swiftly recovering, reports Reuters.
A spokesman for World Liberty Financial, for which USD1 is a signature product, told Reuters that its engineering and security teams had “successfully repelled a coordinated attack.”
World Liberty, co-founded in 2024 by former President Donald Trump, his three sons, and several partners, said in a post on X.com that the X accounts of its co-founders were accessed without authorization, though it did not specify which accounts. The company emphasized that the digital contracts and wallets behind WLFI or USD1 were not hacked.
“Zero smart contracts were affected. All USD1 funds remain completely safe, secure, and fully backed. Our infrastructure and team operated exactly as designed,” the post said.
Like other stablecoins, USD1 is backed by reserves of U.S. dollars and cash-like securities, designed to keep its market price close to the $1 benchmark. Small deviations are normal, but sudden drops, even minor, draw significant market attention.
USD1 was last trading at $0.9994, well within its historical range. It is currently the fifth-largest stablecoin by market capitalization, according to crypto tracker CoinGecko.com.
Bd-pratidin English/ Jisan
