WLFI

World Liberty Financial · Stablecoin issuer governance token (USD1, World Liberty Markets on Dolomite)

16 /100

T5Impaired · #76 of 77

No engine yetTwo-way ↘medium likelihoodReviewed Oct 23, 2026

DemandSoundnessDurability

9 of 452 of 405 of 15

Key facts

SupplyFloat 32% of issued supply

Circulating 31.78B, 32%
Locked or unvested 68.22B, 68%
Max 100.00B

FDV / market cap

3.1x

$5.3B / $1.7B

Market cap

$1.7B

Price $0.053, 7d −6.1%

Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.

Assessment

WLFI is a governance token attached to a real stablecoin business that it has no claim on. USD1 is a ~$4B stablecoin earning roughly $128-150M a year, but that income belongs to World Liberty Financial and its owners, and every holder program so far (fee burns, open-market buybacks, USD1 staking rewards) is a discretionary company choice that is small or left unburned. Control is complete: one 3-of-5 company Safe can upgrade the token and vesting contracts, rewrite unlock schedules, pause transfers, blacklist wallets and move balances between addresses, and a single guardian key froze Justin Sun's ~545M liquid and 2.4B locked WLFI, now the subject of his federal lawsuit. Founders, team, advisors and partners hold 45.24B WLFI and the company another ~21B, against ~32B in circulation, with insider vesting cliffing in May 2028. Scale and listings are real; the token's claim and its rules are not.

How value reaches holders

Nothing reaches holders by right: WLF describes WLFI as solely a governance utility token with no ownership or economic rights. USD1 reserve income (~$128M over the trailing year per DefiLlama; WLF claimed a $159.5M run-rate in Apr 2026) goes to the company, whose reported owners include a Trump-family entity, DT Marks DEFI LLC (~38-40%), and a UAE-linked investor (49% stake agreed Jan 2025); DT Marks DEFI also takes 75% of net token-sale proceeds. The Sep 2025 vote to spend 100% of protocol-owned-liquidity fees on buyback and burn has burned 53.9M WLFI in total, all in Sep 2025; the $65.6M of open-market buybacks WLF disclosed in Apr 2026 (435.3M WLFI at $0.1507) were not burned. Since Oct 2, 2026, stakers who lock 180 days and vote receive discretionary USD1 promotional rewards: $1.3M funded so far for 76.3M WLFI staked. In the other direction, a treasury Safe sent ~1.84B WLFI to a Binance deposit address from Jan to Oct 2026 and WLF sold 5.9B WLFI privately (Bloomberg, May 2026)

Score anatomy

Demand

9 / 45: the stronger of two routes, plus adoption

Why would anyone hold it: does value reach the token, and is the network or product used today?

Holder routing engine input

Company-discretionary only: $65.6M of buybacks (435M WLFI, Oct 2025-Apr 2026) sit unburned in WLF's treasury, itself a net seller (5.9B sold privately, 1.84B to Binance); fee burns last ran Sep 2025

Approved or designed but inert, indirect sinks only, or flows into a treasury or endowmentmedium confidenceHow this is scored

Revenue reality engine input

USD1 reserve yield of ~$128M over the trailing year (DefiLlama, Oct 2026; ~$147M annualized on 30 days) accrues to World Liberty Financial the company, not to WLFI holders

$100M-1B/yrmedium confidenceHow this is scored

Monetary usage engine input

Governance only by WLF's own terms; the one sizable collateral use is WLF itself borrowing ~$75M against 5B of its own WLFI on Dolomite (Apr 2026), and staking is governance staking

Trading onlymedium confidenceHow this is scored

Adoption ×3

USD1 supply $4.0B, +49% YoY, the #6 stablecoin; reserve income $128M TTM

Established: a meaningful, steady share of its categoryhigh confidenceHow this is scored

Two routes, the stronger counts

Revenue 4, minus 4 for routing 1 = cash flow 0. Money use 0. The engine is the stronger route: 0.

Soundness

2 / 40

Can a long-term holder trust the rules: supply, float, distribution and control?

Supply discipline ×3

Zero issuance (100B minted once in Sep 2024, 3.28B burned since), but a 3-of-5 company Safe can upgrade the token, and so mint, with no timelock or on-chain holder vote

Over 15%/yr, or a key, company, committee or multisig can mint without limit or redirect issuancehigh confidenceHow this is scored

Float and unlocks ×1

Float ~32.9% of 96.72B issued; the vester's 46.1B cliffs in May 2028 on a schedule the owner Safe can rewrite, and ~21B in WLF Safes moves without one (1.84B to Binance in 2026, 5.9B sold privately)

1.5-3% of float unlocking per monthlow confidenceHow this is scored

Distribution ×2

Founders, team, advisors and partners hold 45.24B (incl. 22.5B Trump-linked), WLF Safes ~21B; the 25B sale ($0.015-0.05) was accredited or non-US only; private buyers incl. ALT5 (7.28B at $0.20)

Insiders received over 50%, or one organization directs over 30% todayhigh confidenceHow this is scored

Decentralization and security ×2

A 3-of-5 company Safe can upgrade, pause, blacklist and burn-and-remint any balance with no timelock (266 reallocations, 748M WLFI); one guardian key froze Justin Sun's wallet; 309 wallets blacklisted

One operator, pool, company or key can halt, rewrite, freeze balances, or upgrade value-holding contracts without delayhigh confidenceHow this is scored

Durability

5 / 15

Is it big, proven and reachable by institutions?

Scale ×1

$1.7B market cap (band 4), $28.8M/day median volume (band 3), no flags.

Mid-cap: $250M-1B market cap and $10M/day+How this is scored

Track record ×1

Token minted Sep 2024, sold from Oct 2024 and tradable only since Sep 1, 2025; no protocol exploit found, price down ~84% from the Sep 2025 high

1-3 yearshigh confidenceHow this is scored

Institutional access ×1

Spot on Binance, Coinbase, OKX, Bybit and Upbit; no US ETF filing, trust or European ETP found as of Oct 23, 2026

Top-tier exchanges only, or delisting pressuremedium confidenceHow this is scored

What would move it up

To reach T4 Speculative, one gate is still open:

Supply 0needs 1(open)

Tier outlook · next trigger Mar 31, 2027

Two-way ↘medium likelihood

USD1 staking rewards: whether bi-weekly top-ups continue ($50K on Oct 19, 2026) or a binding share of USD1 income reaches stakers
Treasury Safe outflows to exchanges and new private sales, against a POL-fee burn that has not run since Sep 2025
Sun v. World Liberty Financial (N.D. Cal.) after the Aug 20, 2026 arbitration ruling, and any further blacklisting or reallocation
Any change to vester templates before the May 6, 2028 cliff on 46.1B WLFI, which the owner Safe can rewrite at will
USD1 supply (~$3.99B on Oct 23, 2026 vs a $5.39B peak) and the World Liberty Trust Company charter after its Aug 2026 conditional approval

Research report

Oct 23, 2026 · source confidence 78%

World Liberty Financial is a Trump-family-linked company whose main product is USD1, a dollar stablecoin of about $4 billion that earned roughly $128 million of reserve income over the past year. WLFI is its governance token, and the company describes it as conferring no ownership or economic rights, so that income stays with the company and its owners. Programs aimed at holders have been discretionary and small: a 2025 plan to burn protocol liquidity fees retired about 54 million tokens, $65.6 million of open-market purchases were held rather than burned, and a staking program launched in October 2026 pays stablecoin rewards to stakers who vote, about $1.3 million so far. Control is concentrated. A single company multisig can upgrade the token and its vesting contracts, pause transfers, blacklist wallets and move balances between addresses, with no time delay; 309 wallets are blacklisted, including one reported as Justin Sun's, which is now in litigation. Founders, team, advisors and partners hold about 45 billion tokens and company wallets about 21 billion more, against roughly 32 billion in circulation. A May 2026 vote placed insider and early-supporter tokens on schedules that begin unlocking in May 2028, though the contract owner can still change them.

Structure (25 facts)

Chain: Ethereum ERC-20 (TransparentUpgradeableProxy 0xda5e...cbef6, implementation WorldLibertyFinancialV4 0x73fe...fde7, BUSL-1.1); Chainlink CCIP lock-release pool on Ethereum (0xc785...d650) holds 1,422.5M WLFI backing BSC (637.3M, 0x4747...deea) and Solana (785.3M) representations exactly (read 2026-10-23)
What it is: governance token of World Liberty Financial, a Trump-family-linked company that runs the USD1 stablecoin (issued by BitGo Bank & Trust) and World Liberty Markets (a lending market provided by Dolomite); WLF calls WLFI solely a governance utility token conferring no ownership or economic rights
Company: World Liberty Financial / WLF Holdco LLC. Founders: Zachary Folkman, Chase Herro, Zach and Alex Witkoff, Trump family members (Eric Trump, Donald Trump Jr. active). DT Marks DEFI LLC (reported 70% Donald Trump, 30% family) holds ~38-40% equity (cut from 60% in 2025) and is entitled to 75% of net token-sale proceeds; Aryam Investment 1 (Tahnoun bin Zayed-linked) agreed in Jan 2025 to buy 49% for $500M; per WSJ (Aug 2026) a Tahnoun-linked holder owns 49% and a Trump-affiliated entity 38% of the trust-company holding company. World Liberty Trust Company received OCC preliminary conditional approval in Aug 2026
Supply: 100,000,000,000 WLFI minted in one transaction on 2024-09-29; on-chain totalSupply 96,722,743,250 on 2026-10-23 after 3.277B net burned: 3.223B from insider vesting elections (10% burn, May 19 to Sep 7, 2026) and 53.9M from POL-fee buyback burns (2025-09-02 47M, 2025-09-26 6.9M). CoinGecko circulating 31.78B (static since Apr 2026), max 100B
Emission: none: no inflation, staking rewards are paid in USD1 from a funded pool, not newly minted WLFI. The Mar 2026 staking proposal's ~2% WLFI APR from treasury was superseded by the Sep 2026 program
Mint authority: V4 has no open mint, but ownerReallocateFrom burns any amount from any address and mints it to another (supply-neutral), and the owner Safe 0x5be9...7dbb (Safe v1.3.0, 3-of-5, no modules, no guard, no timelock) also owns the ProxyAdmin 0x7f53...a0c0, so it can install an implementation that mints. renounceOwnership is disabled
Admin powers: owner Safe: upgrade, pause, blacklist, reallocate balances, set authorized signer, set max voting power (cap 5B), rescue tokens, activate accounts; the same Safe owns and can upgrade the vester (0x74b4...9583, can rewrite category unlock templates), registry and staking contracts. Guardians: EOA 0x407f...c178 (also a Safe signer and Snapshot admin) and a 1-of-5 Safe 0xee3e...441a with the same five signers; each can pause and blacklist alone. Paused: false
Freezes: 310 addresses ever blacklisted, 309 still blacklisted (2026-10-23); 272 in Aug-Sep 2025 around the Sep 1, 2025 trading start. The wallet 0x5ab2...da74, matching reporting on Justin Sun's (Nansen ~545M), was blacklisted 2025-09-04 by the guardian EOA directly: 544.7M liquid WLFI frozen plus 2.4B unclaimed in the vester (3.0B allocation, category 3, 20% claimed)
Reallocations: 266 owner reallocations (burn from one address, mint to another) moved 748.4M WLFI between 2025-08-24 and 2026-10, incl. 562.5M in Aug 2025 and 212 events (183.5M) in Nov 2025
Upgrades: implementations set 2024-09-29, 2025-08-24, 2025-11-19, 2026-05-11 (V3, vesting elections) and 2026-09-30 (V4, staking voting power); each by the owner Safe with no delay
Vesting: vester holds 46.11B unclaimed of 50.37B allocated (4.26B claimed, the 20% early-supporter unlock of 2025-09-01). On-chain templates: early supporters 20% at TGE, rest locked with no schedule unless they elect category 45 (80% linear 2028-05-06 to 2030-05-06); insiders who elect category 47 get 100% linear 2028-05-06 to 2031-05-06 after a 10% burn; non-electors stay locked indefinitely. The schedule follows the Snapshot vote of 2026-05-06 (99.9% yes, 11.2B votes, 11,537 wallets) covering 17.04B early-supporter and 45.24B founder/team/advisor/partner tokens; 3.22B burned implies ~32.2B of insider tokens elected, ~13.0B have not
Distribution: Gold paper (Oct 2024, subject to change): 35% token sale, 32.5% community growth and incentives, 30% initial supporters, 2.5% team and advisors. April 2026 proposal: founders, team, advisors and partners hold 45.24B locked; DT Marks DEFI and Trump family members hold 22.5B (WLF disclosure). Public sale Oct 2024 to Mar 2025: 20B at $0.015 and 5B at $0.05 (~$550M) to accredited US and non-US buyers only. Private: Justin Sun ($30M then ~$75M), Aqua1 ($100M, reported Jun 2025) and DWF Labs ($25M, reported Apr 2025), both not re-verified, ALT5 Sigma 7,283,585,650 WLFI at $0.20 (Aug 2025, ~$1.46B), 5.9B more to private accredited investors (Bloomberg, May 2026)
Holders: 2026-10-23 (Ethplorer + reads): vester 46.11B (47.7%), owner Safe 12.62B, its 1-of-1 sub-Safes 7.36B + 0.50B + 0.40B + 0.38B (company total ~21.26B, ~22%), Dolomite 5.10B (mostly WLF's own loan collateral), CCIP pool 1.42B, BitGo-custodied wallets incl. 3.58B, Binance hot wallet 1.97B
Value accrual: none by right. POL-fee buyback and burn (Snapshot 2025-09-18, 99.8% yes) burned 53.9M WLFI, all in Sep 2025; $65.58M of open-market buybacks (435.3M WLFI at $0.1507, disclosed Apr 2026) were held, not burned (no matching burns on Ethereum, BSC or Solana); governance staking (live 2026-10-02) pays discretionary USD1 'promotional allocations' to 180-day lockers who vote every 90 days
Staking: contract 0x196f...1923 (upgradeable by the owner Safe): 76.3M WLFI staked in 692 locks (2026-10-23); USD1 reward streams of $1.25M over 180 days (2026-10-02) and $50K over 14 days (2026-10-19) from funder 0xe61d...0a7a
Treasury flows: treasury Safe 0xfef3...14b4 sent 1.84B WLFI via 0x0a36...d6f0 to Binance hot wallet 0x28c6...1d60 between Jan and Oct 2026 (~184M/month, purpose not disclosed on-chain); Dec 2025 vote allowed under 5% of unlocked treasury for USD1 growth incentives (3.31B for, 0.94B against); WLF deposited 5B WLFI on Dolomite and borrowed ~$75M of stablecoins (reported Apr 9, 2026)
Revenue: DefiLlama: $127.75M over the trailing year (USD1 reserve yield, Fidelity money-market funds), $12.1M in the last 30 days, holders revenue $0; Bloomberg estimated ~$150M for 2026; WLF posted a $159.5M run-rate in Apr 2026
Usd1: USD1 supply $3.99B on 2026-10-23 (DefiLlama; Solana $1.40B, Ethereum $1.36B, BSC $1.18B), peak $5.39B on 2026-02-11, $2.69B a year earlier; Binance reportedly holds the large majority (one Bloomberg-based analysis: ~87%); Aug 31, 2026 reserve exam ~$4.196B assets vs ~$4.195B USD1
Governance: Snapshot space worldlibertyfinancial.com: only members (WLF admins) can create proposals; voting power = wallet + unclaimed vesting + staked WLFI, capped at 5B per address; 8 proposals since Dec 2024, all passed; votes are advisory and executed by the company Safe
Market cap (approx): $1,697,360,014
Liquidity: ~$24.6M/day (CoinGecko 2026-10-23), 30-day average ~$31M/day (~1.8% of market cap); Binance the largest venue
Institutional access: spot on Binance, Coinbase, OKX, Bybit, Upbit; no US ETF filing, Grayscale-style trust or European ETP found (2026-10-23)
Usage: none monetary: governance and governance staking; WLFI is collateral on World Liberty Markets (Dolomite), used mainly by WLF itself (5B posted); AI Financial (formerly ALT5 Sigma) holds 7.28B as a treasury asset and warned in May 2026 of substantial doubt about continuing as a going concern
Legal: Justin Sun sued WLF (N.D. Cal., Apr 2026: breach of contract, fraud, conversion over the freeze); Aug 20, 2026 ruling kept his individual claims in court. A former Circle engineer filed a derivative emoluments suit in federal court in Washington (Oct 22, 2026) over the UAE stake purchase and the MGX $2B USD1 deal. Congressional letters on foreign ownership (Feb 2026)
Provenance gaps: where the ~13.0B non-electing insider tokens sit is not confirmed on-chain; identities of the six accounts whose 30B allocation elected on 2026-05-19 (largest 15.75B) are not published; destination of the 435.3M bought-back WLFI and purpose of the 1.84B sent to Binance are not disclosed; the 5.9B private sale counterparties and lockups are unknown

Market figures at report date (Oct 23, 2026)

Price (approx): $0.0534
All-time high / low: 0.3313 (2025-09-01, first trading day); ATL 0.0483 (2026-09-11); -57% over 1y, -84% from ATH

Sources (32)

Compare with

How the ranking works and how WLFI compares: see the full ranking. This entry as JSON:

GET https://tokens.10102.io/api/v1/tokenomics?symbol=WLFI