World Liberty Financial’s (WLFI) stablecoin USD1 has seen remarkable growth in recent weeks, exceeding the $2 billion market cap mark. This surge is attributed to a significant investment from Abu Dhabi-based firm MGX into Binance, utilizing USD1 as a funding source. 💰 This announcement sparked massive increases in supply, as shown by data from various sources including CoinGecko and DefiLlama. The recent growth reflects the dynamic nature of this new stablecoin, which aims to provide transparency and stability through its backing of short-term U.S. Treasury bonds, cash reserves, and bank deposits. WLFI’s strategic move to airdrop USD1 tokens to existing holders is further enhancing its reach and testing distribution capabilities. The impact on USD1 will be closely watched as it enters a mature but competitive market dominated by Tether (USDT) with $149 billion in market cap and Circle’s USDC, boasting a market cap of $60 billion, together representing over 90% of the stablecoin market. 🌎