USD1, the US greenback stablecoin launched by the US President Donald Trump-backed World Liberty Monetary (WLFI), has change into the seventh-largest stablecoin worldwide in simply two months since its launch.
WLFI’s snapshot vote for a USD1 airdrop proposal is underway, and USD1’s market capitalization has continued to climb.
Launched in early March with a $3.5 million provide, USD1 has expanded right into a market cap of $2.2 billion on the time of writing, leaving rival stablecoins First Digital USD (FDUSD), PayPal USD (PYUSD) and Tether Gold (XAUT) behind, in response to knowledge from CoinGecko.
Though rising quick, the USD1 market cap continues to be removed from the market worth of main stablecoins like Tether’s USDt (USDT) and USDC (USDC), whose market caps are price $149 billion and $61 billion, respectively.
BNB Chain drives USD1 issuance
Trump-backed USD1 is nearly completely issued on Binance-backed BNB Chain. In line with knowledge from BscScan, as a lot as $2.1 billion of all USD1 provide is issued on BNB Chain, accounting for greater than 99% of its complete circulating provide, whereas the Ethereum-based model accounts for simply $14.5 million, in response to Etherscan.
USD1’s newest market spike was sharp, leaping 1,540% from $128 million to $2.1 billion inside two days in late April, in response to CoinGecko.
The spike got here days earlier than Eric Trump introduced that Abu Dhabi-based funding agency MGX will use the USD1 to take a position $2 billion in Binance.
Justin Solar-backed HTX among the many first CEXs to record USD1
As USD1’s market cap spiked, some centralized exchanges (CEXs) rushed to record the Trump-backed stablecoin.
HTX, a crypto alternate intently related to Tron founder Justin Solar and previously generally known as Huobi, introduced the itemizing of USD1 with everlasting zero-fee withdrawals on the BEP-20 community on Might 6.
In line with web sites like CoinGecko and CoinMarketCap, HTX is among the first CEXs to record USD1, because the token is primarily obtainable on decentralized exchanges resembling PancakeSwap and Uniswap.
Most WLFI inflows come from exterior the US
Whereas the WLFI neighborhood has been voting on the USD1 airdrop, some stories steered that WLFI funding is principally coming from exterior the US.
In line with a ballot by V1PS founder Notaz.Sol, as a lot as 90% of WLFI buyers are possible coming from non-US jurisdictions, together with Europe, Asia and Latin America.
A Might 7 Bloomberg report additionally indicated that over half of the highest holders of Trump-branded memecoins reside overseas.
The rise of the USD1 stablecoin comes in keeping with Trump’s pro-stablecoin agenda introduced within the government order on “Strengthening American management in digital monetary know-how” in January 2025.
Whereas WLFI has been in shut affiliation with Binance, each Trump and Binance have repeatedly denied and criticized stories suggesting any hyperlinks or offers between the events.
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