\n<\/p>\n
By Lawrence Delevingne<\/p>\n
BOSTON, Feb 23 (Reuters) – The Trump family-backed crypto stablecoin, USD1, briefly dipped below its $1 \u200cbenchmark price on Monday, to around $0.994, but \u200cquickly recovered.<\/p>\n
A spokesman for World Liberty Financial, for which USD1 is \u200ba signature product, said in a statement to Reuters its engineering and security teams had \u201csuccessfully repelled a coordinated attack.\u201d<\/p>\n
World Liberty, which was co-founded in 2024 by President \u200cDonald Trump, his three \u2060sons and a group of partners, added in a post on X.com that the \u2060X accounts of its co-founders were accessed without authorization. It did not name which ones. There was no \u200bhack of \u200bthe digital contracts and \u200bwallets behind WLFI or \u200cUSD1, the post added.<\/p>\n
\u201cZero smart contracts were affected. All USD1 funds remain completely safe, secure, and fully backed. Our infrastructure and team operated exactly as designed,\u201d the post said.<\/p>\n
Like other stablecoins, USD1 is backed by \u200creserves of U.S. dollars and \u200bcash-like securities so that its market \u200bprice stays close \u200bto the benchmark of $1. Some deviation is \u200cnormal, but more abrupt declines, \u200beven if \u200bsmall, are closely watched.<\/p>\n
USD1 was last trading at $0.9994, within its historical range. It is the fifth \u200blargest stablecoin by \u200cmarket cap, according to crypto industry tracker CoinGecko.com.<\/p>\n
(Reporting \u200bby Lawrence Delevingne in Boston, Editing by \u200bTom Lasseter and Stephen Coates)<\/p>\n<\/p><\/div>\n