Trump Family's USD1 Stablecoin Fails to Publish Attestation Reports, Raising Transparency Concerns

NYDIG, a prominent Bitcoin financial services firm, publicly flagged World Liberty Financial’s USD1 stablecoin for failing to publish required monthly attestation reports, with the most recent report dating from July 2025—over two months behind schedule. Greg Cipolaro, NYDIG’s Global Head of Research, stated that ‘For a project of USD1’s stature, up-to-date attestations are non-negotiable,’ noting the lapse was particularly concerning given USD1’s $2.7 billion supply and rising profile.

The transparency failure put USD1 out of step with industry rivals: Circle’s USDC published reserve data through August, and even Tether maintained quarterly reporting. NYDIG’s analysis revealed additional concerns: approximately 78% of USD1’s supply sits in wallets linked to overseas exchanges, raising questions about the stablecoin’s actual use case and concentration risk. BitGo Trust oversees custody of USD1’s reserves, but BitGo Technologies, the issuer, provided no explanation for the reporting gap.

The timing is particularly problematic as the GENIUS Act—signed by President Trump in July 2025—requires stablecoins to maintain 100% reserves and publish monthly public disclosures. The law takes effect in early 2027, and BitGo Technologies doesn’t currently appear to qualify as either a regulated bank subsidiary or state-qualified entity, meaning USD1 may require significant structural changes to achieve compliance. The transparency failures undermine the Trump administration’s stated commitment to establishing ‘American dominance’ in cryptocurrency markets while the president’s family profits from the same ventures.