Binance helped create World Liberty Financial stablecoin — Report

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.