On July 11, 2025, Bloomberg published an article claiming that Binance developed the technological foundation for the stablecoin $USD1 issued by World Liberty Financial (WLFI), and that this is related to attempts by Binance founder Changpeng Zhao to obtain a presidential pardon from Donald Trump. Crypto enthusiast Matt Wallace suggested that the anonymous source of information was Coinbase, which allegedly seeks to weaken a competitor. Binance's return to the U.S. market may threaten Coinbase's dominance, which has significantly lower trading volume ($3 billion compared to $19 billion at Binance).
The Chief Legal Officer of Coinbase, Paul Grewal, denied the accusations, calling them 'disinformation' and stated that the exchange does not attack competitors and supports the development of the crypto market. Zhao retweeted Wallace's tweet, fueling speculation. Binance denies close ties with WLFI, emphasizing only standard business relations. Coinbase's stock experienced minor fluctuations, reflecting the market's sensitivity to inter-exchange conflicts. This situation highlights the intense competition in the crypto industry. Stay tuned for news!
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