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Giấy phép số 4978/GP-TTĐT do Sở Thông tin và Truyền thông Hà Nội cấp ngày 14 tháng 10 năm 2019 / Giấy phép SĐ, BS GP ICP số 2107/GP-TTĐT do Sở TTTT Hà Nội cấp ngày 13/7/2022.
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World Liberty Financial (WLFI) minted 25 million USD1 tokens and simultaneously burned 3 million, resulting in a net increase of $22 million in the circulation of its stablecoin. The transaction was funded through official custodian BitGo and took place days after the company announced it had repaid $25 million on a debt position of approximately $75 million on Dolomite, a DeFi lending platform whose co-founder serves as an advisor to World Liberty.
The alignment between the $25 million repayment figure and the 25 million USD1 tokens minted prompted doubts about whether WLFI used existing funds to make the repayment and then minted new tokens to restore its treasury, or whether it created tokens directly to settle the debt. WLFI did not respond to inquiries regarding how the repayment was financed.
On April 9, CoinDesk reported that WLFI had deposited billions of its own governance tokens as collateral on Dolomite to borrow stablecoins. According to the report, this strategy drove utilization of the USD1 pool to 100%, preventing other users from withdrawing their funds.
Justin Sun, one of the project’s main investors, publicly criticized Dolomite’s approach, saying it treated users like a “personal ATM.” World Liberty responded by calling the criticism “FUD” and said it would pursue legal action against Sun.
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