USD1 becomes seventh-largest stablecoin
USD1 Stablecoin Surges to $2.2B Market Cap, Becomes 7th Largest Globally.
USD1, the US dollar stablecoin launched by World Liberty Financial (WLFI) and backed by former President Donald Trump, has quickly ascended to the seventh-largest stablecoin globally just two months after its debut.
Initially launched with a $3.5 million supply in early March, USD1 now holds a market cap of $2.2 billion, surpassing competitors such as First Digital USD, PayPal USD, and Tether Gold, reports Cointelegraph.
Despite the rapid growth, USD1’s valuation remains far below major stablecoins like Tether’s USDT and Circle’s USDC, which command market caps of $149 billion and $61 billion, respectively.
BNB Chain Dominates USD1 Issuance
USD1’s explosive market cap growth is heavily concentrated on the BNB Chain, with $2.1 billion of its total supply issued on the Binance-backed network. In contrast, only $14.5 million worth of USD1 exists on Ethereum, highlighting WLFI’s strategic focus on BNB Chain for liquidity and scalability.
The stablecoin’s latest surge occurred just before Eric Trump announced a $2 billion investment from Abu Dhabi’s MGX into Binance, sparking speculation over WLFI’s connections to Binance — claims that both Trump and Binance have repeatedly denied.
Centralized Exchanges Move Quickly to List USD1
As USD1’s market cap spiked, Justin Sun-backed crypto exchange HTX became one of the first centralized platforms to list the stablecoin, offering zero-fee withdrawals for BEP-20 transactions. While most USD1 trading remains concentrated on decentralized platforms like PancakeSwap and Uniswap, WLFI has initiated a snapshot vote for a USD1 airdrop to further boost adoption.
Notably, 90% of WLFI’s investment is reportedly sourced from outside the US, including major inflows from Europe, Asia, and Latin America. The rise of USD1 aligns with Trump’s pro-stablecoin agenda, underscored by his January executive order aimed at “Strengthening American leadership in digital financial technology.”
Recently we wrote that Donald Trump is under scrutiny following accusations from Representative Maxine Waters that he is leveraging his office to promote a stablecoin launched by a company linked to his family.
