USD1, a US dollar-pegged stablecoin introduced by World Liberty Financial (WLFI) — a company publicly supported by former President Donald Trump — has rapidly climbed the ranks to become the world’s seventh-largest stablecoin just two months after launch.
WLFI is currently conducting a community vote on an airdrop proposal for USD1, as the token’s market cap continues to soar.
Initially launched in early March with a $3.5 million issuance, USD1 has since grown to a market capitalization of $2.2 billion. This puts it ahead of competitors like First Digital USD (FDUSD), PayPal USD (PYUSD), and Tether Gold (XAUT), based on data from CoinGecko.
Despite its growth, USD1 still trails far behind industry leaders like Tether’s USDT and Circle’s USDC, which hold market caps of $149 billion and $61 billion respectively.
BNB Chain Hosts Majority of USD1 Supply
USD1’s issuance is almost entirely concentrated on the BNB Chain, the blockchain ecosystem supported by Binance. BscScan reports that over $2.1 billion worth of USD1 exists on BNB Chain, accounting for more than 99% of its circulating supply. In contrast, the Ethereum version of USD1 holds a modest $14.5 million, according to Etherscan.
The token saw an explosive surge in late April, rocketing 1,540% in market cap—from $128 million to $2.1 billion in just two days, according to CoinGecko.
This dramatic rise occurred shortly before Eric Trump revealed that MGX, an investment firm based in Abu Dhabi, plans to use USD1 for a $2 billion investment in Binance.
HTX Among First Major Platforms to List USD1
Following the market surge, several centralized exchanges moved quickly to support USD1. One of the first was HTX (formerly Huobi), a platform associated with Tron’s Justin Sun. HTX announced the listing of USD1 on May 6 with zero withdrawal fees on the BEP-20 network.
While USD1 remains more commonly traded on decentralized platforms like PancakeSwap and Uniswap, its entry onto major centralized exchanges has expanded its reach.
International Interest in WLFI and USD1
Although WLFI is based in the U.S., the bulk of investment appears to be coming from international sources. A community poll conducted by V1PS founder Notaz.Sol indicated that up to 90% of WLFI investors are based outside the U.S., including in regions such as Europe, Asia, and Latin America.
Supporting this, a Bloomberg report dated May 7 noted that a significant portion of top holders in Trump-themed memecoins are also located abroad.
USD1’s rapid rise aligns with Trump’s broader stance favoring stablecoins, outlined in his January executive order focused on boosting American leadership in digital finance.
Although WLFI has close ties to the BNB ecosystem, both Donald Trump and Binance have publicly rejected claims of any direct partnerships or agreements between them.
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