Trump-tied World Liberty Financial’s USD1 stablecoin market cap surges from $130M to over $2B since late April
Quick Take
- USD1 stablecoin supply issued by Trump-affiliated World Liberty Financial has grown from under $130 million on April 27 to over $2.1 billion.
- Data shows that USD1 is now the seventh-largest stablecoin by market capitalization.
USD1, the stablecoin issued by Trump-affiliated World Liberty Financial (WLFI), has seen its supply significantly increase between late last month and early May. According to CoinGecko, the coin now has over $2.1 billion in market cap, up from less than $130 million on April 27.
Multiple data sources, including CoinGecko, CoinMarketCap, and DefiLlama, showed USD1’s supply jumped over $720 million by April 28. The stablecoin’s supply surpassed $2 billion on April 30. BscScan — the primary block explorer for the Binance Smart Chain, where most of USD1 exists — indicated several large mints within that timeframe. The mints ranged between 50 million and as high as 99 million.
On May 1, Abu Dhabi investment firm MGX announced it would use WLFI’s USD1 to settle a $2 billion investment into Binance. Brandon Kae, research analyst at The Block, explained that USD1's recent supply surge was likely due to the MGX-Binance deal. The Block contacted WLFI for comment.
The Trump-backed WLFI shared plans for its USD1 stablecoin in March, and the product officially launched in April. Like most fiat-pegged crypto offerings, the coin is reportedly fully backed by short-term U.S. Treasuries, U.S. dollar deposits, and cash equivalents. Also, World Liberty Financial intends to airdrop a small portion of USD1 to WLFI token holders as a reward and to test its onchain distribution model.
USD1 became the latest entrant in a $231 billion stablecoin market dominated by Tether (USDT) and Circle (USDC). USDT’s $149 billion and USDC’s $60 billion comprise over 90% of the current U.S. dollar stablecoin sector.
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