Binance assisted in creating the code and promoting the USD1 stablecoin issued by World Liberty Financial (WLF), a cryptocurrency business backed by former U.S. President Donald Trump and his sons, according to Bloomberg reports citing multiple sources. The exchange developed the smart contract governing USD1, which launched on March 4, 2025, and facilitated a $2-billion investment from Abu Dhabi's MGX into Binance using the stablecoin on March 12.
Blockchain data reveals over 90% of USD1 tokens from this transaction—worth more than $2 billion—remained in Binance wallets as of mid-July, potentially generating tens of millions in annual interest for the Trump family. Binance also promoted USD1 to its 275 million users, providing a significant market advantage. This collaboration reportedly began after Binance founder Changpeng "CZ" Zhao met Steve Witkoff, a Trump appointee and WLF co-founder, following Trump's election victory.
The relationship surfaces amid Zhao's pursuit of a presidential pardon after pleading guilty to felony charges in 2023. Legal experts warn of unprecedented conflicts of interest, as Trump's crypto ventures—including USD1 and his TRUMP memecoin—earned him $58 million in 2024, with projections of $390 million from upcoming token sales. While USD1 reserves are managed by VanEck and State Street, neither Binance nor WLF confirmed if compensation occurred for the exchange's support.
Concurrently, Republican House leaders are advancing the GENIUS Act to regulate stablecoins, which passed the Senate with bipartisan support. Trump has pledged to sign the bill if approved, despite Democratic concerns over his financial ties to the crypto industry.