USD1 gains wider adoption

USD1, the stablecoin launched by World Liberty Fi, is getting more entangled with the crypto ecosystem. In the past few days, USD1 got a boost from PancakeSwap trading, boosting a selection of meme tokens. USD1 saw near-peak volumes in the past few days, based on becoming the base asset for several meme token pairs. In the past week, a new trend emerged for USD1-paired memes on BNB Smart Chain. USD1 already boosted liquidity for 57 meme tokens , of which most were niche assets with relatively low volumes. Based on data from Flipside Crypto, on May 20, USD1 only made up 14% of meme volumes, expanding to over 90% within days. Memes trading against USD1 expanded in the past few days, currently making over 90% of BNB Smart Chain meme volumes. | Source: Flipside Crypto BNB Smart Chain has produced multiple meme trends, but USD1 managed to come to the forefront as the main reason for the rally of a handful of new tokens. At one point, most of the BNB meme token volume went only to assets paired against USD1. The biggest share of USD1 activity comes from BUILDon (B), one of the first memes to adopt the new stablecoin. B also rallied after World Liberty Fi announced it would support the token with a small purchase. B had a few days of hype, though with doubts that the price may be manipulated by insiders. The meme has 27,448 holders, currently the widest audience among the new wave of hot assets. TUT, CA, Captain BNB, and a handful of other assets are helping the adoption of USD1. Currently, B is also the biggest winner, with 89% of holders in profit. For other memes, at least 58% of traders are in profit in the past few days. USD1 spreads across the crypto ecosystem The launch of USD1 came with vague plans for the token’s utility. Initially, World Liberty Fi aimed for an airdrop for early WLFI buyers. Since Binance listed the stablecoin on May 22, it has enjoyed rapid adoption. Currently, PancakeSwap is one of the major use cases for USD1. On May 21, PancakeSwap carried record USD1 volumes above $1.4B. Most of the available USD1 is on BNB Smart Chain, with smaller mints on Ethereum and TRON. Over 98.9% of the USD1 supply is on the BNB Smart Chain. The other sign of wider ecosystem adoption is that Wintermute has moved USD1 to several large-scale wallets . USD1 expanded its supply quickly, minting the bulk of its tokens in May. Currently, over $2.1B in USD1 is in circulation, with daily trading volumes of over $397M. USD1 had relatively fast adoption due to the connections of World Liberty Fi. The asset, however, raises fears of being used for meme token manipulation and cabal trading, further hurting Trump’s crypto supporters. The rising importance of USD1 activity replaced the hype for Official Trump (TRUMP). The original meme token is still highly liquid, but its price stagnated at around $12.32. Your crypto news deserves attention – KEY Difference Wire puts you on 250+ top sites

Source: Cryptopolitan