Binance provided the coding for USD1, a stablecoin launched by World Liberty Financial Inc., affiliated with the Trump family. This collaboration included the generation of a smart contract for USD1's creation. USD1 facilitated a significant $2 billion transaction, notably involving an investment firm based in the UAE. Currently, a substantial portion of USD1 assets, approximately 90%, is held in Binance's wallets, potentially yielding substantial interest income for the Trumps. Additionally, Binance has actively promoted USD1, enhancing its visibility among users.
Binance wrote the basic code to power USD1, a stablecoin launched by the Trumps' World Liberty Financial Inc., according to three people familiar with the matter.
The coding work writing the smart contract that governs how USD1 tokens are created helped make USD1 available for use in a $2 billion transaction this spring.
Binance's founder and principal owner, Changpeng Zhao, said publicly that he had applied for a pardon after pleading guilty in 2023.
More than $2 billion in USD1, roughly 90% of all coins outstanding, remains in Binance's wallets, generating interest income for the Trumps.
Collection
[
|
...
]