World Liberty Financial (WLFI) has rapidly climbed the ranks with its stablecoin USD1, now securing the seventh position among the largest fiat-pegged cryptocurrencies by market capitalization. According to the latest data, USD1's market cap stands at $2.125 billion, placing it between Blackrock's BUIDL and Ethena's USDTB.
BSC Dominates, Extreme Supply Concentration
The vast majority of USD1 tokens — over 99% or approximately 2.113 billion — are issued on Binance Smart Chain (BSC), while Ethereum holds only about 14.49 million tokens. On BSC, a single address (0x2087) controls a staggering 2 billion USD1, representing 94.63% of the circulating supply. The remaining 113 million tokens are scattered across 2,666 wallets.
On Ethereum, the largest holder possesses 5 million USD1 (previously 10 million, reduced by 50%). Transfer activity on BSC totals 136,644 transactions, compared to just 5,188 on Ethereum, indicating far higher adoption on BSC.
Trading Volume and Liquidity
USD1's 24-hour trading volume is approximately $26.5 million, primarily via Pancakeswap v3 and Uniswap v3. While the market cap suggests strong demand, relatively low daily volume points to thin liquidity. Analysts suggest the token's rapid rise is linked to the Trump-affiliated WLFI brand, but extreme concentration could pose risks of price manipulation.
Implications for Stablecoin Market
The stablecoin landscape is dominated by USDT, USDC, and DAI. USD1's entry adds a new dynamic, but its reliance on a single BSC whale and limited real-world use cases may hinder its growth. WLFI has not commented on supply centralization. Industry observers note that achieving top-tier status will require broader distribution and integration across multiple chains.