According to Bloomberg, cryptocurrency exchange Binance played a key role in the creation of the stablecoin $USD1 , launched by World Liberty Financial (WLF), a company connected to Donald Trump's family. According to three sources, Binance developed the core code of the smart contract for USD1, facilitated its promotion, and participated in the largest transaction - a $2 billion investment from the MGX fund in Abu Dhabi to Binance, made through USD1. About 90% of USD1 tokens remain in Binance wallets, potentially generating tens of millions of dollars in interest for WLF.
These connections raised concerns about conflicts of interest, especially since former Binance CEO Changpeng Zhao (CZ) sought a pardon from Trump after allegations of money laundering. WLF and CZ deny the accusations, calling them politically motivated. For traders, this is a signal for the need for thorough analysis of market movements, as such connections can impact prices and regulations. USD1, launched on Ethereum and Binance Smart Chain, competes with Tether and $USDC , but its success depends on transparency and market acceptance.
Stay updated on crypto market news and keep track with #MiningUpdates #Binance #USD1 #CryptoNews #Stablecoin
