USD1, a stablecoin launched by World Liberty Financial in March 2025, has surpassed $60B in cumulative trading volume on Binance. Its market cap is about $4.33B, although a single institutional transaction tied to a $2B settlement as part of an investment in Binance represents a large share of that total. Analyst Darkfost said monthly Binance volumes of $5B to $8B offer a better indication of recurring usage. USD1 is backed by U.S. dollars and short-term U.S. Treasury bills and operates under an institutional-style compliance framework. Separately, analyst CW8900 said the Stablecoin Supply Ratio has continued rising after a golden cross, describing the trend in stablecoin inflows as bullish while Bitcoin maintains positive momentum.