USD1 is a fiat-backed digital asset designed to maintain a 1:1 equivalent value to the US dollar. Launched in April 2025 by World Liberty Financial (WLFI), a fintech company based in Miami, Florida, USD1 aims to simplify digital transactions by providing seamless interchangeability between fiat currencies and digital assets. To ensure transparency and trust, its reserves are held by BitGo, a California-based cryptocurrency custody service provider. USD1 was initially released on the Ethereum and Binance Smart Chain (BSC) networks and plans to expand to other blockchains in the future.