Trump-Linked World Liberty Financial's Stablecoin Needs Better Attestation Reports, NYDIG Says

Core Insights - The USD1 stablecoin, linked to the Trump family-associated DeFi project World Liberty Financial, has fallen behind on its monthly attestation reports, which are essential for transparency to investors and regulators [1][2] - The most recent report for USD1 is from July, creating a delay compared to competitors like Circle's USDC and Tether, which provide more timely reserve data [2] - USD1's reserves are managed by BitGo Trust, but BitGo Technologies has not clarified the reporting gap, which is significant given USD1's $2.7 billion supply [3] - Approximately 78% of USD1's supply is held in wallets associated with overseas exchanges, indicating that its traction is primarily offshore [3] - The upcoming GENIUS Act, expected to be implemented by early 2027, may pose structural challenges for USD1, as it restricts stablecoin issuance to regulated banks or state-qualified entities [4] - BitGo Technologies does not currently meet the criteria for regulated banks or state-qualified entities, suggesting that structural changes may be necessary for USD1 [4]