Binance, the world's largest cryptocurrency exchange by trading volume, has officially listed USD1, a US dollar-pegged stablecoin developed by World Liberty Financial (WLFI), which is backed by Donald Trump and his family. The listing, effective from May 22, 2025 at 12:00 UTC, includes the trading pair USD1/USDT. Deposits are now open with withdrawals enabled from May 23.
This listing triggered a 31.9% increase in USD1's trading volume from approximately $72 million to over $95 million. Additionally, USD1's trading volume expanded dramatically by 626.5% in the last 24 hours, according to CoinGecko data. This follows its earlier addition to KuCoin on May 21, signifying growing exchange support.
USD1, launched just two months prior in March 2025, has rapidly grown to become the seventh-largest stablecoin with a market capitalization exceeding $2.1 billion. It is supported by cash, short-term U.S. Treasuries, and dollar deposits, and is issued through BitGo Trust Company, a regulated U.S. trust.
WLFI plans an airdrop of USD1 tokens to eligible WLFI holders, a proposal that received overwhelming support with 6.8 billion votes in favor. The stablecoin has attracted institutional use, notably a $2 billion investment settlement with Abu Dhabi-based MGX executed via USD1.
Despite its success, USD1 faces political scrutiny due to its ties to the Trump family, with U.S. lawmakers raising concerns over potential conflicts of interest. Nevertheless, Binance’s endorsement indicates strong market confidence in USD1's potential.
USD1 operates on Ethereum and BNB Chain networks, with plans to expand cross-chain capabilities using Chainlink protocols. It aims to compete with established stablecoins like USDT and USDC by offering features such as fee-free minting and institutional-grade custody.