Donald Trump’s USD1 stablecoin, backed by World Liberty Financial (WLFI), has quickly become the seventh-largest stablecoin, according to data from CoinGecko.
Launched just two months ago, the coin has grown rapidly, surging from a market cap of $128 million to over $2 billion.
The surge was also boosted by Eric Trump’s announcement that MGX would be using USD1 for a $2 billion investment in Binance.
Most of USD1’s issuance is on Binance’s BNB Chain, with over 99% of the coin’s supply on the network and a smaller portion on Ethereum.
The coin’s market cap spiked 1,540% in late April, growing from $128 million to $2.1 billion. The rapid rise led several centralised exchanges, including HTX, to list USD1, which also offers zero-fee withdrawals on the BEP-20 network.
Reports suggest that around 90% of USD1 investors are from outside the US, particularly Europe, Asia, and Latin America.
The coin’s growth ties into Trump’s pro-stablecoin agenda, which he hopes will strengthen US leadership in digital financial technologies. In January, Trump signed an executive order to promote US leadership in digital currency.
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