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Trump-backed USD1 is now the seventh-largest stablecoin worldwide

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.

Trump-backed USD1 is now the seventh-largest stablecoin worldwide
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.

Trump-backed USD1 is now the seventh-largest stablecoin worldwide
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.

Trump-backed USD1 is now the seventh-largest stablecoin worldwide
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.

Trump-backed USD1 is now the seventh-largest stablecoin worldwide
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.

Trump-backed USD1 is now the seventh-largest stablecoin worldwide
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

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Thousands more Afghans affected by second data breach, ministers say

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Thousands more Afghans affected by second data breach, ministers say

Thousands more Afghan nationals may have been affected by another data breach, the government has said.

Up to 3,700 Afghans brought to the UK between January and March 2024 have potentially been impacted as names, passport details and information from the Afghan Relocations and Assistance Policy has been compromised again, this time by a breach on a third party supplier used by the Ministry of Defence (MoD).

This was not an attack directly on the government but a cyber security incident on a sub-contractor named Inflite – The Jet Centre – an MoD supplier that provides ground handling services for flights at London Stansted Airport.

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July: UK spies exposed in Afghan data breach

The flights were used to bring Afghans to the UK, travel to routine military exercises, and official engagements. It was also used to fly British troops and government officials.

Those involved were informed of it on Friday afternoon by the MoD, marking the second time information about Afghan nationals relocated to the UK has been compromised.

It is understood former Tory ministers are also affected by the hack.

Earlier this year, it emerged that almost 7,000 Afghan nationals would have to be relocated to the UK following a massive data breach by the British military that successive governments tried to keep secret with a super-injunction.

Defence Secretary John Healey offered a “sincere apology” for the first data breach in a statement to the House of Commons, saying he was “deeply concerned about the lack of transparency” around the data breach, adding: “No government wishes to withhold information from the British public, from parliamentarians or the press in this manner.”

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July: Afghan interpreter ‘betrayed’ by UK govt

The previous Conservative government set up a secret scheme in 2023 to relocate Afghan nationals impacted by the data breach, but who were not eligible for an existing programme to relocate and help people who had worked for the British government in Afghanistan.

The mistake exposed personal details of close to 20,000 individuals, endangering them and their families, with as many as 100,000 people impacted in total.

Read more on Sky News:
Data breach victims sent spam emails
Afghan data leak timeline
MoD urged to reveal details of nuclear incident

A government spokesperson said of Friday’s latest breach: “We were recently notified that a third party sub-contractor to a supplier experienced a cyber security incident involving unauthorised access to a small number of its emails that contained basic personal information.

“We take data security extremely seriously and are going above and beyond our legal duties in informing all potentially affected individuals. The incident has not posed any threat to individuals’ safety, nor compromised any government systems.”

In a statement, Inflite – The Jet Centre confirmed the “data security incident” involving “unauthorised access to a limited number of company emails”.

“We have reported the incident to the Information Commissioner’s Office and have been actively working with the relevant UK cyber authorities, including the National Crime Agency and the National Cyber Security Centre, to support our investigation and response,” it said.

“We believe the scope of the incident was limited to email accounts only, however, as a precautionary measure, we have contacted our key stakeholders whose data may have been affected during the period of January to March 2024.”

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Ether treasuries swell as major firms launch record capital raises: Finance Redefined

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Ether treasuries swell as major firms launch record capital raises: Finance Redefined

Ether treasuries swell as major firms launch record capital raises: Finance Redefined

BitMine and SharpLink are raising over $25 billion to expand Ether treasuries as US debt hits $37 trillion, fueling bullish crypto market sentiment.

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US Fed to end oversight program for banks’ crypto activities

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US Fed to end oversight program for banks’ crypto activities

US Fed to end oversight program for banks’ crypto activities

The Federal Reserve said it would sunset a program specifically to monitor banks’ digital assets activities and would integrate them back into its “standard supervisory process.”

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