World Liberty Financial’s stablecoin USD1 surpassed $10 billion in transfer volume just 10 days following its listing on Binance, according to data from Artemis.
From May 22 to June 1, the stablecoin traded $10.7 billion in volume, surpassing the total transfers from its inception until May 21. The stablecoin is native to World Liberty Finance, a decentralized application backed by President Donald Trump and his family.
Weekly volumes had already increased significantly in mid-May. USD1 left the $307 million traded between May 12 and 18 to reach $4.3 billion the following week, a 1,300% weekly increase.
Despite the current week’s volumes not being finalized, USD1 has already registered nearly $6.8 billion as of June 1, almost 60% up from the previous week. Furthermore, this marks a new weekly record, surpassing the last all-time high volume of $6.2 billion, which was registered between April and May.
The increasing transfer volumes also came one month after USD1 became the sixth-largest stablecoin in the market, surpassing $2 billion in market cap.
Action on the Binance-related ecosystem
Notably, users transferred $1.1 billion on Binance since the USD1 listing. The amount is roughly half of the $2.3 billion traded on PancakeSwap in the past 30 days, according to Artemis’ data.
However, most of USD1’s transaction volume in the past 30 days seems to come from peer-to-peer (P2P) transfers.
Two addresses alone moved almost $3.3 billion during the period, trailing only the USD1 and BUILDon (B) pool at PancakeSwap. The pool between the stablecoin and the memecoin registered $143 million in the past 24 hours alone.
Although the stablecoin is available in the Ethereum network, most of the USD1 action happens on the BNB Chain. The stablecoin supply currently stands at $2.17 billion, with 98.4% of it concentrated on the BNB Chain, according to DefiLlama.
This makes USD1 the second-largest stablecoin in the BNB Chain ecosystem, bested only by Tether USD’s (USDT) nearly $6 billion in market cap within the network.