Alchemy Pay has added support for USD1, a U.S. dollar-backed stablecoin created by World Liberty Financial, giving users around the world easier access to the fast-growing asset.
Announced in a May 30 press release, the integration allows users across 173 countries to purchase the USD1 stablecoin using common fiat payment options such as Visa, Mastercard, Apple Pay, Google Pay, mobile wallets, and local bank transfers.
USD1 was launched in March by WLFI and is managed by BitGo Trust Company, a custodian subject to U.S. regulations. The stablecoin has rapidly risen become the seventh-largest stablecoin by market capitalization, with a current valuation of $2.15 billion, according to DeFiLlama data. It is designed to stay pegged to the U.S. dollar at a 1:1 ratio, backed by U.S. Treasuries.
Alchemy Pay’s payment infrastructure supports more than 300 fiat channels. The platform holds a number of regulatory licenses, including nine U.S. Money Transmitter Licenses. Its main goal is to facilitate fiat-to-crypto access for users around the world. The addition of USD1 will make it easier for institutional and individual users to access the dollar-based digital asset.
WLFI, the company behind USD1, operates a decentralized finance platform that is influenced by President Donald Trump’s economic views. By providing legally compliant tools, the organization hopes to increase public access to DeFi. The launch of USD1 is a key part of that initiative.
Major exchanges like Binance, Bitget, KuCoin, MEXC, and HTX have listed USD1 just months after its launch. To expand USD1’s use in DeFi applications and enable safe transfers across multiple blockchains, WLFI has also partnered with Chainlink (LINK) to incorporate its cross-chain interoperability protocol.
Despite its momentum, USD1 has come under political scrutiny. On May 23, three U.S. senators proposed amendments to the GENIUS Act, citing possible conflicts tied to Trump’s connection with WLFI. Lawmakers also requested information about WLFI’s interactions with the Trump administration earlier in May.
In response, WLFI’s legal counsel defended the project’s operations, claiming that they adhere to U.S. financial standards. Meanwhile, institutional interest in USD1 continues to grow. Abu Dhabi-based investment firm MGX recently announced it would use the stablecoin to fund a $2 billion investment into Binance, further validating its utility.
