World Liberty Financial’s USD1 Stablecoin Market Cap Surges Past $2 Billion

The market capitalization of the USD1 stablecoin, affiliated with Donald Trump’s company World Liberty Financial (WLF), experienced a significant surge by the beginning of May, reaching approximately $2.1 billion.

As reported by CoinGecko, the market cap stood around $137 million on April 28.

According to DeFi Llama, nearly all of the USD1 supply has been issued on the BNB Chain, with the exception of $14.5 million on Ethereum.

The blockchain explorer BscScan indicates that over twenty issuances of the coin were recorded on April 28-29, predominantly ranging between 50 to 100 million tokens.

On May 1, the Abu Dhabi investment firm MGX announced its plan to utilize USD1 in settling a $2 billion investment in Binance. Analyst Brandon Ke from The Block directly attributed the surge in the stablecoin’s market value to this deal.

In March, WLF confirmed its plans to launch a dollar-backed stablecoin. By early April, the company proposed to conduct an airdrop of «small» amounts of USD1 to holders of its native token, WLFI. On May 7, a snapshot vote was initiated for users to express support for the airdrop initiative.

According to Reuters, in January, President Trump’s family consolidated control over WLF, now entitled to 75% of the net earnings and 60% of the operations of the DeFi platform following the launch of its primary product.

Donald Trump is referred to as the «chief crypto advocate» in the company’s documents, while his sons, Eric, Barron, and Donald Trump Jr., are listed as Web3 ambassadors, although they hold no official positions in the project.

It’s worth noting that in March, both the WSJ and Bloomberg reported on the Trump family’s and WLF’s plans to acquire a stake in Binance’s U.S. business. This information was later denied by Changpeng Zhao, co-founder of the bitcoin exchange, as well as by representatives from the president’s family-affiliated company.