USD1 (R) Makes Meteoric Rise to CoinGecko's Top 10 Largest Stablecoins by Market Cap

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.

USD1, the stablecoin launched by World Liberty Financial (WLFI) and backed by former U.S. President Donald Trump, has quickly risen to seventh place in CoinGecko's ranking of the top 10 largest stablecoins by market cap.

USD1 hit the $1 billion market cap milestone on Wednesday, August 23, less than two months since its official launch was announced late last month.

This marks the fastest rise from zero to $1 billion for a stablecoin, and it also marks a significant achievement for Trump, who has been an advisor for WLFI since last year.

"Congratulations to the @worldlibertyfi team on USD1 reaching a $1B market cap - the fastest rise from 0 to $1B in stablecoin history!"

Now ranked among the top 10 stablecoins globally.

Honored to support USD1, built on BitGo’s Stablecoin-as-a-Service platform.@zachwitkoff… https://t.co/sNjW94LYgV

— Donald Trump Jr. (@DonaldTrumpJr) August 23, 2023

USD1 Edges Out PYUSD

The USD1 market capitalization has also surpassed that of PayPal USD (PYUSD), which launched earlier this year and quickly rose in the crypto rankings.

The rapid rise of USD1 is noteworthy, considering that PYUSD is a veteran in the stablecoin segment.

The cryptocurrency exchange BitGo serves as the issuer for USD1, which is a 1:1 USD-backed stablecoin. It is deployed on the Optimism layer-2 network and serves as a foundational token for WLFI’s ecosystem.

The DeFi firm’s native token, WLFI, is a multi-chain token designed for DeFi protocols and dApps.

Despite the milestone, some crypto users appeared to be indifferent to the development and instead focused on WLFI.

"Bla, bla, bla. What about WLFI? More importantly," one user wrote in response to the announcement of USD1’s market cap.

Another user asked when the WLFI coin would be listed as they were more concerned about the token than USD1.

“Not on major exchanges yet. Investors who trust and buy WLFI should be transparent about when this will happen.”

Still, WLFI has been busy shrugging off concerns and bagging new deals.

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

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… https://t.co/yI9E6r7p34

— World Liberty Financial (@worldlibertyfi) August 17, 2023

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

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… https://t.co/V3Jq7lL7xT

— World Liberty Financial (@worldlibertyfi) August 16, 2023

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.