USD1 stablecoin from World Liberty Financial (WLFI) exceeded a market capitalization of $2 billion.
This stage has been reached against the backdrop of significant expansion in the stablecoin sector, with experts predicting that it could grow to $2 trillion in the coming years.
Growth of the USD1 stablecoin: from $128 million to $2 billion
WLFI co-founder Zach Witkoff shared this news in a recent post on X (formerly Twitter).
"Proud to announce that the @worldlibertyfi USD1 stablecoin has officially surpassed a market capitalization of $2 billion. Proud of the team, onward!" Witkoff wrote in the post.
Data from BeInCrypto shows that USD1 experienced significant growth over a short period. On April 28, its market capitalization was $128 million. However, by the next day, it rose to $1 billion.
"Congratulations to the @worldlibertyfi team on achieving a market capitalization of USD1 at $1 billion," wrote BitGo on X.
That's not all. By April 30, the market capitalization doubled to $2.1 billion, allowing USD1 to take 57th place among all cryptocurrencies and 7th among stablecoins. It surpassed well-known players like PayPal USD (PYUSD) and First Digital USD (FDUSD).
In fact, this growth has also strengthened the position of USD1 on Binance Smart Chain, where it now ranks second among stablecoins. This underscores the growing acceptance and trust in USD1. The growth positions it as one of the fastest-growing decentralized stablecoins in the market since its launch at the end of March.
Data from the blockchain analytics platform Dune provides additional information about the factors contributing to this expansion. A series of minting events in the last week of April contributed to the stablecoin's market capitalization increase to over $2 billion.
These minting activities align with WLFI's strategic efforts to expand the token's circulation. Earlier this month, the DeFi project offered a USD1 airdrop for early supporters. According to BeInCrypto, the airdrop aims to test the on-chain distribution system, reward supporters, and increase visibility before a full-scale rollout.
The growth of USD1, however, has not gone unnoticed. The project attracted attention due to former President Donald Trump's involvement, raising concerns among lawmakers about potential conflicts of interest.
Despite this, the market activity of USD1 indicates strong investor confidence. The rapid growth of the stablecoin suggests it may continue to play a significant role in the digital asset market. However, its future is likely to depend on both market dynamics and regulatory changes.#learn2earn #BinanceSquare #Write2Earn #Binance #StablecoinPayments $TRUMP