Today in crypto, Binance reportedly helped build the stablecoin code for World Liberty Financial, a crypto firm linked to US President Donald Trump. Bitcoin’s rally drew a response from Peter Schiff, who’s now urging a move to silver. VanEck research shows Bitcoin mining execs are outearning peers in related industries.
Binance helped create World Liberty Financial stablecoin — Report
Cryptocurrency exchange Binance reportedly helped create the code behind the stablecoin issued by World Liberty Financial (WLF), one of the crypto businesses tied to US President Donald Trump.
According to a Friday Bloomberg report citing three people familiar with the matter, Binance helped create, promote, and played a role in the largest transaction of WLF’s USD1 stablecoin. The crypto business, backed by Trump and his three sons, launched USD1 on March 4.
An Abu Dhabi-based investment firm, MGX, announced a $2-billion investment in Binance on March 12 using a then-unnamed stablecoin. Eric Trump, one of WLF’s co-founders, said in May that the company would be using USD1 to settle the investment.
According to Bloomberg, 90% of all the USD1 coins used in the transaction remained in Binance’s wallets as of Friday, potentially generating tens of millions of dollars in interest for Trump and his family.
Cointelegraph reached out to a Binance spokesperson and World Liberty Financial but had not received responses at the time of publication.
Peter Schiff says sell Bitcoin for silver as BTC smashes new highs
Longtime Bitcoin critic and gold advocate Peter Schiff said the latest BTC rally may be a selling opportunity for investors to buy silver instead.
“With Bitcoin hitting new highs today (in dollars), it’s a great time to sell some and buy silver ahead of silver’s next big leg up,” Schiff said in a Thursday X post as Bitcoin (BTC) put on its moon boots again and set new highs above $112,000.
