World Liberty Financial stablecoin airdrop
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Trump family-linked World Liberty Financial is making a plan to give holders of its WLFI governance token free money in the form of its stablecoin, USD1, by airdropping it to wallets that already hold its token.
- Why it matters: It's the first form of profit potential that we've seen for buyers of the token.
Context: World Liberty raised $550 million selling WLFI, but the token isn't tradable — so far.
- Which has raised the question: Why would anyone buy it?
The latest: Free money is one good answer.
- Now, holders are voting about whether or not they should permit World Liberty to give them money.
By the numbers: 99.96% of votes so far are in favor of the company giving them money.
- The vote does not indicate how much will be budgeted for the airdrop.
- Over 85,000 separate Ethereum wallets have some amount of the token.
The big picture: Ostensibly, this distribution is to test the airdrop mechanism that the company has built.
- Zooming even further out, USD1 has been a hot topic amid this year's peak interest in stablecoins.
The intrigue: World Liberty has also never launched the decentralized finance (DeFi) borrowing platform discussed when this whole thing was announced.
In the weeds: WLF is a governance token, so in theory holders could one day vote to make it tradable, too. Folks are asking for that in comments on the current vote, and it hasn't happened.
What we're watching: The voting ends later today.
