Binance, which is the biggest cryptocurrency exchange globally in terms of trading volume, has disclosed the addition of USD1 to its platform. This decision resulted in a sharp increase in the trading volume of the stablecoin by double digits.

Developed by World Liberty Financial (WLFI), a decentralized finance (DeFi) protocol with backing from President Donald Trump and his family, the USD1 stablecoin is pegged to the US dollar.

The official announcement from Binance stated that USD1 would be tradable against Tether (USDT).

Deposits for USD1 are now being accepted on Binance, paving the way for trading preparation. Withdrawals will be possible from May 23 at 12:00 UTC, coinciding with the commencement of trading for the new pair.

The trading volume of USD1 grew significantly from approximately $72 million to over $95 million upon the announcement, indicating a 31.9% surge. Furthermore, data from CoinGecko indicated that the trading volume of USD1 had surged by 626.5% in the previous 24 hours.

This listing on Binance comes after a recent development where KuCoin also included USD1 on its platform on May 21, indicating rising interest in the stablecoin.

Despite only being launched two months ago, USD1 has amassed a market capitalization exceeding $2.1 billion, establishing it as one of the fastest-growing stablecoins in the market.

Additionally, World Liberty Financial plans to airdrop USD1 to eligible WLFI holders. The airdrop proposal, approved by an overwhelming majority after a vote by 6.8 billion users, will have further details released soon.

USD1 has gained momentum not just through exchange listings but also due to its involvement in significant institutional transactions, such as MGX selecting it to settle a $2 billion investment in Binance.

While the stablecoin's rapid growth has faced scrutiny due to its political associations with the Trump family, Binance's endorsement underlines strong market confidence in USD1's potential.