Trump-Backed Stablecoin Experiences Brief Price Dips Amid Suspected Attack

The stability of Trump-backed cryptocurrency USD1 was momentarily compromised on Monday when it briefly dipped below its benchmark price, triggering an investigation into a suspected 'attack'.

USD1, which is backed by reserves of US dollars and cash-like securities, is one of the largest stablecoins in terms of market capitalization. According to reports, the cryptocurrency experienced a small decline in value, trading at $0.994 before recovering within its historical range.

The team behind USD1, World Liberty Financial, has stated that their engineering and security teams were able to 'successfully repel' the coordinated attack. No unauthorized access was gained to the digital contracts or wallets behind WLFI or USD1, ensuring the safety of all funds.