Binance helped create World Liberty Financial stablecoin — Report
2025-07-11 16:57:35
Main Idea
A Bloomberg report reveals connections between Binance and a Trump family-backed crypto business, World Liberty Financial, regarding the creation of a stablecoin, amid broader political and regulatory scrutiny.
Key Points
1. Bloomberg reported ties between Binance and World Liberty Financial (WLF), a Trump family-backed crypto business, involving WLF's USD1 stablecoin.
2. WLF, supported by Donald Trump and his sons, launched the USD1 stablecoin on March 4, with an Abu Dhabi-based firm, MGX, investing $2 billion in Binance using an unnamed stablecoin.
3. Eric Trump, a WLF co-founder, stated that USD1 would be used for settlements, with 90% of transactions linked to the Trump family.
4. Former Binance CEO Changpeng 'CZ' Zhao, who pleaded guilty to a felony in 2023, has not commented on the report.
5. Trump's crypto ventures, including WLF, face scrutiny from US lawmakers, with discussions around a stablecoin bill and potential conflicts of interest.
Description
A Friday report from Bloomberg suggested closer ties between US President Donald Trump's family-backed crypto business and one of the largest digital asset exchanges.
Latest News
- Crypto Biz: Bitcoin VC surges, Robinhood faces tokenization scrutiny, CZ debunks Golden Visa hype2025-07-11 20:07:04
- Is the crypto market entering a new supercycle? Here are 5 ways to know2025-07-11 19:54:24
- Tether to discontinue USDT on five blockchains to 'refocus resources'2025-07-11 19:39:44
- How to day trade crypto using ChatGPT and Grok2025-07-11 19:15:44
- S&P 500 Index soars to record but drops in Bitcoin terms2025-07-11 18:29:01