USD1, a stablecoin issued by World Liberty Financial, co-founded by members of the Trump family, has become the fifth-largest stablecoin in the cryptocurrency market. As of January 26, USD1's issuance reached $4.92 billion, surpassing PayPal's PYUSD, which holds a market capitalization of $3.7 billion. Eric Trump, co-founder of the company, celebrated this milestone, emphasizing USD1's role in shaping the future of digital money.
The growth of USD1 follows a controversial proposal by World Liberty Financial to invest part of its treasury holdings to support the stablecoin's expansion. Critics claim the vote was manipulated by wallets owned by the company's team and strategic partners, directing protocol revenue to the Trumps and the Witkoffs. Despite this, USD1 remains smaller compared to leading stablecoins like Tether's USDT and Circle's USDC, which dominate over 82% of the stablecoin market.
Trump-Backed USD1 Surpasses PayPal's PYUSD, Hits $4.9 Billion Issuance
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