USD1, the US dollar stablecoin launched by President Trump-backed World Liberty Financial (WLFI), has quickly risen to become the seventh-largest stablecoin globally, achieving a market capitalization of $2.2 billion since its launch two months ago. The stablecoin has overwhelmingly been issued on Binance-backed BNB Chain, which accounts for more than 99% of its supply. In late April, USD1 experienced a remarkable market cap spike of 1,540%, mainly fueled by external investments from outside the US, comprising approximately 90% of WLFI investors from regions such as Europe, Asia, and Latin America. Following the rapid growth, crypto exchanges, notably HTX, began listing USD1, facilitating its trade with zero-fee withdrawals on the BEP-20 network. Despite its rapid ascent, USD1's market value remains significantly lower than leading competitors, such as Tether and USDC, which boast market caps of $149 billion and $61 billion respectively. The rise of USD1 coincides with broader digital financial technology initiatives announced by the U.S. executive order earlier this year.

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