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Not at today's scale, although World Liberty Financial's (@worldlibertyfi) $USD1 has done something most stablecoins never manage: break into the top four in its first year. But it’s still “only” worth about 2.4 percent of Tether's $USDT and under 6 percent of Circle's $USDC.
How big is $USD1 right now?
$USD1 carries a market cap and circulating supply of roughly $4.53 billion, and the peg is holding firm around $1. That ranks it as the fourth-largest stablecoin and the 21st-largest crypto asset overall.
For scale, $USDT sits near $189.8 billion and $USDC near $77 billion as of today. $USD1 has cleared the next tier of dollar tokens, including Ethena’s $USDe, PayPal's $PYUSD and Ripple's $RLUSD, but the two market leaders are an order of magnitude away. Total dollar-stablecoin supply is now above $324 billion, with $USD1 taking a small slice.
Is $4.53 billion an all-time high?
$USD1 first crossed $3 billion in December 2025, pushed above $5.3 billion in late January 2026, and peaked higher through the first quarter. The current $4.53 billion is a strong level and renewed momentum, not a fresh record. Supply has expanded steadily while the peg has held, which is the more durable signal.
What is driving the growth?
Most of the climb traces back to aggressive distribution and exchange support, not slow organic demand. The past several months:
- Binance incentives. Binance has run a continuously renewed $USD1 airdrop campaign, currently a $13 million WLFI pool distributing weekly to $USD1 holders through mid-June 2026, alongside expanding $USD1 spot pairs.
- The MGX settlement. Abu Dhabi sovereign wealth vehicle MGX settled a $2 billion investment in Binance using $USD1 (May 2025), a deal that lifted volumes and pulled in political scrutiny.
- Coinbase listing. $USD1 went live across Coinbase's app and web platform, widening retail and institutional access.
- A federal charter filing. WLTC Holdings filed a de novo application with the Office of the Comptroller of the Currency to establish World Liberty Trust Company, a proposed national trust bank built for stablecoin operations.
- Multichain reach. $USD1 now runs across Ethereum, BNB Chain, Solana, Tron, and Aptos, issued by BitGo Trust Company and backed by cash and short-term U.S. Treasuries.
That is a serious distribution engine, and right now it is doing most of the work.
Can it actually challenge $USDT and $USDC?
$USDT and $USDC have years of entrenched liquidity across trading, remittances, payments, and institutional treasuries. Circle's $USDC also has the regulatory edge, with MiCA compliance in Europe and integrations from Visa, Mastercard, and BlackRock, and it outgrew $USDT by percentage for a second straight year in 2025. The GENIUS Act has steered institutional money toward regulated, audited dollar tokens, which favors the incumbents.
$USD1's launch has been genuinely strong: top four, multichain coverage, deep exchange support, and institutional pilots, with a federal trust charter pending with the OCC. That filing is the real swing factor. Approval would hand $USD1 a regulatory footing few challengers can claim.
Sources:
- CoinMarketCap live $USD1 market cap, supply, ranking and peg data
- DefiLlama total stablecoin supply and $USD1 versus $USDT and $USDC comparison
- Business Wire World Liberty Financial press releases on the $3 billion milestone, Binance pair expansion and OCC charter filing
- CoinMarketCap CMC AI $USD1 backing, BitGo custody and multichain structure