World Liberty Financial's (WLFI) USD1 stablecoin has passed a $1 billion market cap

By BitGo revealed that the U.S.-backed token also logged the "fastest rise from 0 to $1B in stablecoin history."

World Liberty Financial's (WLFI) USD1 stablecoin has passed the $1 billion mark in a time period that logged it as the fastest-rising coin to reach that milestone, according to digital assets scalability provider BitGo.

This makes USD1 the 10th coin ever to reach a $1 billion market cap in history and the fastest stablecoin to do so since the beginning of the year. It is also the fastest coin to rise from $0 to $1 billion in 2024.

Since officially launching late last month, USD1 has made major strides, including its meteoric rise to CoinGecko's top 10 largest stablecoins by market cap. As of late Wednesday, USD1 is the world's seventh-most valuable stable token.

Congratulations to the @worldlibertyfi team on USD1 reaching a $1B market cap - the fastest rise from 0 to $1B in stablecoin history this year & 10th coin ever!Now ranked among the top 10 stablecoins globally.Honored to support USD1, built on BitGo’s Stablecoin-as-a-Service platform.@zachwitkoff… pic.twitter.com/LixL8L5Kra

Quite interestingly, USD1 has surpassed the PayPal USD (PYUSD) market capitalization, given the latter's considered veteran status in the stablecoin segment.

Since launching in October 2023, PYUSD had quickly risen through the ranks of the cryptocurrency markets to become a top-10 coin overall. However, it seems that the U.S.-backed token is continuing its ascent.

Trading volumes around USD1 passed 28 million in the last 24 hours, highlighting increasing interest among cryptocurrency users for the stablecoin launched by a DeFi firm promoted by U.S. President Donald Trump.

Just around a day since USD1 hit the $1 billion milestone, it surpassed $2 billion in market cap and, as of late Wednesday, has logged a market value of over $2.12 billion.

Questions Remain Amid WLFI's Big News

Despite the massive milestone for a Trump-backed crypto venture, some crypto users want their questions answered and seemed to ignore the development.

"Bla, bla, bla. What about WLFI? More importantly,..." one user began before trailing off. This user was referring to the WLFI token, which has had a rough start since it was announced due to alleged security risks and questions around its tokenomics.

There were also other crypto users who wanted to know when the WLFI coin would be listed as they were more concerned about the token than USD1.

"Is it on any major exchanges yet?" one user asked. "If not, why not? Investors who trust and buy WLFI should be transparent about when this will happen."

WLFI Shrugs Off Concerns, Bags New Deals

Despite continuing concerns around the way that WLFI has been handling its business, the DeFi firm, which Trump officially promoted early on, has been pushing forward.

Earlier this year, the company spent millions to buy several crypto assets, including Wrapped Bitcoin (wBTC) and Movement (MOVE).

Just last week, it signed a Memorandum of Understanding (MoU) with the government of Pakistan after the team's representatives met with the Pakistan Crypto Council.

Historic moment: WLFI has officially signed an MOU with Pakistan 🇵🇰x🦅It was an incredible experience meeting with the Pakistan Crypto Council and the leaders shaping the future of crypto.We’re proud to be building with Pakistan to drive innovation forward.This is just the… pic.twitter.com/SY1OB1CALu

According to the Council, the collaboration will help "accelerate blockchain innovation in Pakistan" and includes work on exploring real-world asset (RWA) tokenization and blockchain financial product testing.

Today marks a major step forward for Pakistan’s digital economy.The Pakistan Crypto Council, led by CEO @Bilalbinsaqib, has signed a Letter of Intent (LOI) with @worldlibertyfi, a decentralized finance (DeFi) platform backed by @realDonaldTrump, to accelerate blockchain… pic.twitter.com/zVFKnMsHzu

Also last week, WLFI founders met with Binance founder Changpeng "CZ" Zhao to discuss the global state of crypto adoption among other crypto-related topics.