Trump-backed USD1 is now the seventh-largest stablecoin worldwide
USD1, a US dollar stablecoin launched by World Liberty Financial (WLFI) and backed by Donald Trump, has quickly become the seventh-largest stablecoin globally, achieving a market capitalization of $2.2 billion within two months of its launch. Initially launched with a supply of $3.5 million, USD1's rapid growth has outpaced competitors like First Digital USD, PayPal USD, and Tether Gold. The majority of USD1's issuance occurs on the Binance-backed BNB Chain, with over 99% of its supply originating there. A significant market spike occurred in late April, increasing its value from $128 million to $2.1 billion shortly before an investment announcement by MGX. Centralized exchanges, including HTX, have begun listing USD1, which is primarily traded on decentralized platforms. Reports indicate that 90% of WLFI investors are from outside the US, aligning with Trump's pro-stablecoin initiatives. Both Trump and Binance have denied any formal connections between them.
