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.

WLFI’s snapshot vote for a USD1 airdrop proposal is underway, and USD1’s market capitalization has continued to climb.

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

Top 10 stablecoins by market capitalization. Source: CoinGecko

Although rising fast, the USD1 market cap is still far from the market value of major stablecoins like Tether’s USDt (USDT) and USDC (USDC), whose market caps are worth $149 billion and $61 billion, respectively.

BNB Chain drives USD1 issuance

Trump-backed USD1 is almost exclusively issued on Binance-backed BNB Chain. According 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 to Etherscan.

BNB Chain-based (BEP-20) USD1 versus Ethereum-based (ERC-20) USD1. Source: BscScan, Etherscan

USD1’s latest market spike was sharp, jumping 1,540% from $128 million to $2.1 billion within two days in late April, according to CoinGecko.

USD1 (USD1) market cap chart since April 2025. Source: CoinGecko

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.

Justin Sun-backed HTX among the first CEXs to list USD1

As USD1’s market cap spiked, some centralized exchanges (CEXs) rushed to list the Trump-backed stablecoin.

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

Source: HTX

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, including PancakeSwap and Uniswap.

Most WLFI inflows come from outside the US

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.

According 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.

Source: Tran Hung

A May 7 Bloomberg report also indicated that over half of the top holders of Trump-branded memecoins reside abroad.

The USD1 stablecoin’s growth lines up with Trump’s pro-stablecoin agenda announced in his executive order on “Strengthening American leadership in digital financial technology” in January.

While WLFI has been closely associated with Binance, both Trump and Binance have repeatedly denied and criticized reports suggesting any links or deals between the parties.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight