USD1—a Trump-backed stablecoin launched by World Liberty Financial—is now the world’s 7th-largest stablecoin according to data from CoinGecko. The stablecoin’s market capitalization remains behind USDT, USDC, USDS, Ethena USDe, DAI, and SUSDS. USD1 was launched in early March with a $3.5 million supply. At the time of reporting, the stablecoin has a market cap of $2.1 billion.
The USD1 token went from $128 million to above $2 billion in market capitalization a few days after Abu Dhabi-based firm MGX selected USD1 as the choice of stablecoin for a $2 billion investment in Binance.
This rapid growth occurs at a time during U.S. statewide attempts to roll out crypto regulation and Trump’s stablecoin-friendly agenda as outlined in an executive order on “Strengthening American leadership in digital financial technology,” according to Cointelegraph.
The USD1 coin is mostly issued on the BNB chain, and a relatively small Ethereum-based version accounts for $14.5 million. USD1 is still ahead of other company-launched stablecoins in terms of market capitalization, such as PayPal USD and the Gemini dollar.
Former White House Communications Director Anthony Scaramucci has pointed out the possibility of corruption due to crypto projects closely linked to Trump and managed by either family members or business associates. Some of these projects are the TRUMP meme coin on Solana, World Liberty Financial, and a partnership between Trump Media and Crypto.com, as reported earlier by Coin Headlines.
“Let’s give them all the benefit of the doubt, but I do think there are pathways for some level of corruption, potential bribery, and even what I would call ‘sinistership”, said Scaramucci.