- USD1 overtook USDC in daily trading volume, hitting $3.37 billion and becoming the second most-used stablecoin after USDT.
- The surge comes just days before the House votes on the GENIUS Act, a bill to regulate stablecoins and backed by President Trump.
- The bill has drawn both support for boosting crypto oversight and criticism over Trump’s financial ties to USD1’s issuer.
USD1 Surpasses USDC in Daily Volume
World Liberty Financial’s stablecoin, USD1, has overtaken USDC in daily trading volume for the first time ever. Today, USD1 hit $3.37 billion in 24-hour volume, making it the second most-traded stablecoin of the day, behind the industry’s leader, USDT.
The timing of this milestone couldn’t be more politically charged, however. As of today, June 30, we are just a few days away from the House is set to vote on the GENIUS Act, a bill that aims to establish a clear regulatory framework for stablecoins.
Washington Backlash
On that note, the rise of USD1 has caused a lot of backlash in Washington. After all, World Liberty Financial is a company with close ties to the Trump family. This makes the notion that the sitting U.S. President is somehow related to the DeFi firm worrisome, as critics argue it paves a path toward unprecedented conflicts of interest in financial policymaking.
Senator Elizabeth Warren didn’t hold back. In a post on X, she called USD1 “a stablecoin linked to President Trump and his family” and warned that the upcoming vote could allow what she described as Trump’s “crypto cash machine” to grow unchecked. She urged Congress to block the bill, framing it as a choice between “reining in corruption” or “greenlighting it.”
Meanwhile, supporters of the GENIUS Act argue that the bill will provide a much-needed step toward modernizing financial regulation. By creating clear rules for how stablecoins are issued, backed, and audited, the bill could boost consumer confidence, as well as ensure stablecoin companies are audited according to the U.S. Law.
A Push for Regulatory Clarity
The GENIUS Act, which successfully passed the Senate earlier this month with bipartisan support, is now moving to the House. Trump and part of the Republican Party are pushing for a quick turnaround, asking lawmakers to act before the August recess.
But the House isn’t fully aligned. Some Democrats are pushing for stricter oversight, citing USD1’s $2 billion deal with a UAE-backed firm as a red flag. Others want to pair the GENIUS Act with the broader CLARITY Act, which would define how digital assets are regulated across the board. That could delay the vote or trigger a reconciliation process between the two chambers.
Even some Republicans like Representative French Hill have expressed hesitation about rushing the bill through without broader consensus. While the GENIUS Act has momentum, there’s growing concern that passing it without pairing it with the CLARITY Act could leave gaps in how digital assets are regulated more broadly
If the House passes the Senate version as-is, the bill could land on Trump’s desk within weeks. From there, regulators would have 180 days to finalize rules around licensing, reserves, and disclosures. However, if the House makes changes, the process could stretch into the fall.
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