Binance Tied to Trump Family’s Stablecoin Project in $2B Crypto Transfer
Bloomberg report reveals Binance helped build and move USD1 stablecoin tied to World Liberty Financial
Binance, the world’s largest cryptocurrency exchange, reportedly played a direct role in the creation, promotion, and transfer of the Trump family-backed USD1 stablecoin, according to sources cited in a Bloomberg report published Friday.
The revelations come at a time when the Trump administration is championing pro-crypto regulation — and just as Congress prepares to vote on a sweeping stablecoin bill.
Binance Reportedly Wrote the Code Behind USD1
According to three individuals familiar with the matter, Binance assisted in coding the USD1 stablecoin issued by World Liberty Financial (WLF) — a crypto business co-founded by Eric Trump and supported by former President Donald Trump and his sons.
USD1 was officially launched on March 4, and less than two weeks later, Abu Dhabi-based firm MGX used the coin to announce a $2 billion investment in Binance. At the time, MGX did not publicly name the stablecoin it used. It wasn’t until May that Eric Trump confirmed USD1 was the vehicle used in that deal.
Trump Family Could Reap Millions in Interest
The Bloomberg report adds that 90% of the USD1 involved in the transaction remains inside Binance wallets, potentially accruing tens of millions of dollars in interest for Trump and his family.
The proximity between the Trump-backed stablecoin and Binance has triggered concerns over conflict of interest, given Trump’s increasing involvement in shaping U.S. crypto policy and the exchange’s legal history.
Neither Binance nor World Liberty Financial responded to Cointelegraph’s request for comment.
CZ Seeks Trump Pardon Amid Renewed Ties
The timing of this partnership is notable. Changpeng “CZ” Zhao, Binance’s former CEO, pleaded guilty in 2023 to a felony charge as part of a U.S. settlement. After serving four months in prison, Zhao is now seeking a presidential pardon from Trump, which could allow him to return to leadership in U.S. crypto ventures.
At the time of this report, Zhao has made no public comments on the revelations.
Stablecoin Legislation Moves Forward as Questions Mount
The Bloomberg investigation comes as Congress inches closer to passing a major stablecoin regulation bill. Trump has pledged to sign the measure unamended, adding to concerns about his political and financial alignment with crypto businesses.
One of the proposed bills is the GENIUS Act, which carries the name of one of Trump’s past social media posts. The measure has already cleared the Senate with bipartisan support and is awaiting a floor vote in the House of Representatives. The House, where Republicans maintain a slim majority, could vote within days.
Democratic lawmakers have previously voiced concern about Trump’s entanglements with crypto firms, especially in light of ventures such as Official Trump (TRUMP) memecoin and large donations from crypto executives backing his campaign.
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