How USD1 holds its peg

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Just minted and burned

USD1 tokens dollars, into and out of the reserve tokens being burned a chain's ledger flashes as it settles USD1 reserve: money market fund, bank deposits

Only BitGo clients who have passed its identity, anti-money-laundering and sanctions checks can create USD1. One sends $200 M by wire. The dollars go into segregated accounts held for USD1 holders. Nothing has happened on a blockchain yet.
BitGo creates 200 M new USD1 on the chain the client picked, here BNB Chain, and sends it to their wallet. Reserves and supply both grew by the same amount. World Liberty Financial doesn't process mints; BitGo does.
Holders pay each other without BitGo taking part. A BNB Chain transfer is final when that chain's validators agree; on Ethereum, when Ethereum's validators finalise it; on Solana, when Solana's validators do. Supply and reserves don't change.
USD1 can move between chains through Chainlink's Cross-Chain Interoperability Protocol. 30 M leave Ethereum and the same amount appears on Solana, with Chainlink's network, not BitGo, carrying the message between the two. No dollars move.
A client sends 200 M USD1 back. BitGo burns it and wires $200 M from the reserve, typically within two business days. Holders without a BitGo account can't redeem directly; they sell to someone who can.
At the end of August 2026 about three quarters of the reserve was in a government money market fund and the rest was cash in US bank accounts. KPMG examines the figures every month, at two dates. None of it is visible on-chain.

Wires and reserve movements happen in banks, not on a blockchain, so they can't be shown live.

Supply by chain Reading supplies…

How this is read

Each chain's on-chain supply, read from public nodes every 10 to 60 seconds, for the six chains BitGo mints and redeems on. USD1 that reached other chains through Chainlink CCIP isn't listed, so it isn't counted twice. Use the arrow keys to read each row.

Minted and burned

minted, up
burned, down

What just happened (illustrative) 0 USD1 in circulation 0 in reserve 0 minted 0 burned 0 chains shown

The parts that make this work

What USD1 is, and who issues it

USD1 is a dollar stablecoin that World Liberty Financial announced on March 25, 2025. The brand belongs to World Liberty Financial, but the token is issued and redeemed by BitGo Bank & Trust, N.A., a national trust bank supervised by the Office of the Comptroller of the Currency, which also holds the reserve. It has no blockchain of its own. BitGo mints and redeems it on six chains: Ethereum, BNB Chain, Solana, TRON, Aptos and Tempo; its report also lists an address on Canton. At the end of September 2026 about 4.4 B USD1 existed, about 1.6 B on Ethereum and 1.4 B each on BNB Chain and Solana.

In January 2026 a World Liberty affiliate, WLTC Holdings, applied to the OCC to charter its own national trust bank, World Liberty Trust Company; the OCC gave it preliminary conditional approval on August 14, 2026. If it opens, it would take over issuing and redeeming USD1 from BitGo.

Minting and redeeming

Only BitGo clients in good standing, meaning they have passed its identity, anti-money-laundering and sanctions checks, can mint or redeem. Other holders can send and receive USD1 but have no direct claim on BitGo; they sell it to a client or on an exchange. BitGo shows its fees on its platform before a request is confirmed; this page couldn't confirm a minimum size. Redemptions usually settle within two business days. On Ethereum and BNB Chain a mint shows up as a transfer from the zero address and a burn as a transfer to it, which is how live mode spots them.

What backs each token

BitGo publishes a USD1 Reserve Report every month, covering two dates, examined by an independent accounting firm: Crowe LLP signed the reports from at least December 2025 to May 2026, and KPMG LLP those since June 2026. On August 31, 2026 at 11:59 pm UTC it reported 4,195,303,689 USD1 outstanding against $4,195,716,067 of assets, a surplus of $412,378. The assets sit in segregated accounts for the benefit of holders, though the report notes that holders' rights are contractual, not a claim on any particular asset.

USD1 reserve, August 31, 2026
Held in	US dollars
Government money market fund, at net asset value	3,066,358,657
Cash in demand deposit accounts at US banks	1,129,357,410
Total reserve	4,195,716,067

BitGo's terms allow only cash, cash equivalents, short Treasury bills, Treasury-backed repo and government money market funds, the same kinds of assets as USDC's reserve. The interest they earn goes to BitGo and to entities affiliated with World Liberty Financial, under agreements between them.

Figures as reported, not live. Source: BitGo USD1 Reserve Report for August 2026 (PDF, KPMG examination report dated September 24, 2026). Earlier reports are listed in World Liberty's documentation.

Who is behind World Liberty Financial

World Liberty Financial's own disclosures, last updated March 3, 2026, say that DT Marks DEFI LLC, "an entity affiliated with Donald J. Trump and certain of his family members", owns about 38 % of WLF Holdco LLC, the parent of World Liberty Financial LLC; that it and certain Trump family members hold 22.5 billion WLFI governance tokens; and that it is entitled to 75 % of WLFI token sale proceeds after agreed deductions. A related entity, DT Marks SC LLC, has about 38 % beneficial ownership of the World Liberty affiliate that shares in the interest earned on USD1's reserve. The same disclosures say no Trump family member is an officer, director or employee of World Liberty. Its chief executive and co-founder is Zach Witkoff.

USD1's largest early use was in May 2025, when Abu Dhabi's MGX said it would settle a $2 B investment in the exchange Binance in USD1. In February 2026 The Wall Street Journal reported that an investment company linked to a senior UAE official had agreed in January 2025 to buy 49 % of World Liberty; World Liberty said neither Donald Trump nor Steve Witkoff was involved. Members of Congress, including Senators Elizabeth Warren and Jeff Merkley, have written to World Liberty and to regulators asking about these arrangements.

A transfer is only as final as its chain

BitGo takes no part in an ordinary transfer. A USD1 transfer on Ethereum is final after about two epochs of validator attestations; on Solana when the slot is finalised; on BNB Chain and TRON, which have no pages on this site, by their own validator sets. USD1 also reaches Plume, AB Core, Monad, Mantle, Morph and X Layer through Chainlink's CCIP, where it uses a separate contract address. BitGo doesn't mint on those chains and its report counts only the six it does, so this page leaves them out.

Freezing and the law

BitGo reserves the right to block wallet addresses and to freeze USD1, temporarily or permanently, when it is linked to illegal activity or breaks its terms. In the United States the GENIUS Act, signed on July 18, 2025, sets rules for payment stablecoins: reserves one for one in cash, bank deposits, short Treasury bills, Treasury repo or government money market funds, and monthly disclosure. It takes effect on January 18, 2027 or 120 days after regulators finish their rules, whichever is earlier; those rules were still being written in September 2026.

What live mode shows, and what it simplifies

Live mode reads the six chains BitGo mints on, straight from public nodes, every 10 to 60 seconds, and adds them up. On Ethereum it reads every new block's USD1 transfers, which gives the transfer rate and every mint and burn; USD1 changes hands there only a few times a minute, so the rate often reads 0.0; on BNB Chain it polls for mints and burns every 15 seconds. On Solana, TRON, Aptos and Tempo a change in supply between two readings shows as a net mint or burn. The reserve is drawn as one vault; in reality it is a fund and several banks, and dollars move by wire. The particles are a scale model: in live mode one standing dot is about 28 M USD1. Read World Liberty's USD1 documentation for the details.