{"id":25601,"date":"2025-05-07T14:01:33","date_gmt":"2025-05-07T14:01:33","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=25601"},"modified":"2025-05-07T14:01:33","modified_gmt":"2025-05-07T14:01:33","slug":"trump-backed-usd1-is-now-the-seventh-largest-stablecoin-worldwide","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=25601","title":{"rendered":"Trump-backed USD1 is now the seventh-largest stablecoin worldwide"},"content":{"rendered":"
\n

<\/p>\n<\/p>\n

\"Trump-backed<\/p>\n

USD1, the US dollar stablecoin launched by the President Donald Trump-backed World Liberty Financial (WLFI), has become the seventh-largest stablecoin worldwide in just two months since its launch.<\/p>\n

WLFI\u2019s snapshot vote for a USD1 airdrop proposal<\/a> is underway, and USD1\u2019s market capitalization has continued to climb.<\/p>\n

Launched in early March with a $3.5 million supply<\/a>, USD1 has expanded into a market cap of $2.2 billion at the time of writing, leaving rival stablecoins First Digital USD (FDUSD<\/a>), PayPal USD (PYUSD<\/a>) and Tether Gold (XAUT<\/a>) behind, according<\/a> to data from CoinGecko.<\/p>\n

\"Trump-backed
Top 10 stablecoins by market capitalization. Source: CoinGecko<\/em><\/figcaption><\/figure>\n

Although rising fast, the USD1 market cap is still far from the market value of major stablecoins like Tether\u2019s USDt (USDT<\/a>) and USDC (USDC<\/a>), whose market caps are worth $149 billion and $61 billion, respectively.<\/p>\n

BNB Chain drives USD1 issuance <\/h2>\n

Trump-backed USD1 is almost exclusively issued on Binance-backed BNB Chain. According<\/a> to data from BscScan, as much as $2.1 billion of all USD1 supply is issued on BNB Chain, accounting for more than 99% of its total circulating supply, while an Ethereum-based version accounts for just $14.5 million, according<\/a> to Etherscan.<\/p>\n

\"Trump-backed
BNB Chain-based (BEP-20) USD1 versus Ethereum-based (ERC-20) USD1. Source: BscScan, Etherscan<\/em><\/figcaption><\/figure>\n

USD1\u2019s latest market spike was sharp, jumping 1,540% from $128 million to $2.1 billion within two days in late April, according<\/a> to CoinGecko.<\/p>\n

\"Trump-backed
USD1 (USD1) market cap chart since April 2025. Source: CoinGecko<\/em><\/figcaption><\/figure>\n

The spike came days before Eric Trump announced that Abu Dhabi-based investment firm MGX would use the USD1 to invest $2 billion in Binance<\/a>.<\/p>\n

Justin Sun-backed HTX among the first CEXs to list USD1<\/h2>\n

As USD1\u2019s market cap spiked, some centralized exchanges<\/a> (CEXs) rushed to list the Trump-backed stablecoin.<\/p>\n

HTX, a crypto exchange closely associated with Tron founder Justin Sun and formerly known as Huobi, announced<\/a> the listing of USD1 with permanent zero-fee withdrawals on the BEP-20 network on May 6.<\/p>\n

\"Trump-backed
Source: HTX<\/em><\/figcaption><\/figure>\n

According to websites like CoinGecko and CoinMarketCap, HTX was one of the first CEXs to list USD1, as the token is primarily available on decentralized exchanges<\/a>, including PancakeSwap and Uniswap.<\/p>\n

Most WLFI inflows come from outside the US<\/h2>\n

While the WLFI community has been voting on the USD1 airdrop, some reports suggested that WLFI investment is mainly coming from outside the United States.<\/p>\n

According<\/a> to a poll by V1PS founder Notaz.Sol, as much as 90% of WLFI investors are likely coming from non-US jurisdictions, including Europe, Asia and Latin America.<\/p>\n

\"Trump-backed
Source: <\/em>Tran Hung<\/em><\/a><\/figcaption><\/figure>\n

A May 7 Bloomberg report<\/a> also indicated that over half of the top holders of Trump-branded memecoins reside abroad.<\/p>\n

The rise of the USD1 stablecoin comes in line with Trump\u2019s pro-stablecoin agenda<\/a> announced in the executive order on \u201cStrengthening American leadership in digital financial technology\u201d in January.<\/p>\n

While WLFI has been closely associated with Binance, both Trump and Binance have\u00a0repeatedly denied and criticized reports<\/a>\u00a0suggesting\u00a0any links or deals<\/a>\u00a0between the parties.<\/p>\n

Magazine: <\/strong><\/em>Crypto wanted to overthrow banks, now it\u2019s becoming them in stablecoin fight<\/strong><\/em><\/a><\/p>\n