Summary
- Bloomberg reported that the global cryptocurrency exchange Binance was involved in the development of the stablecoin USD1 for the DeFi project World Liberty Financial (WLFI) led by the Trump family.
- According to sources, Binance assisted in writing the USD1 smart contract code and collaborated on large-scale transaction generation and marketing.
- It was stated that 90% of USD1 traded is held in Binance wallets, and this structure could enable the Trump family to receive massive interest income.
On the 11th (local time), Bloomberg reported that the global cryptocurrency exchange Binance was directly and indirectly involved in the development of World Liberty Financial (WLFI)’s stablecoin USD1, a decentralized finance (DeFi) project led by the Trump family, including U.S. President Donald Trump.
According to the report, three sources familiar with the matter claimed that Binance assisted in writing the smart contract code for USD1 and collaborated on large-scale transaction generation and marketing.
The outlet noted that 90% of the recently-traded USD1 is still being held in Binance wallets, explaining that this structure could enable the Trump family to earn tens of millions of dollars in interest income.
In this regard, some point out that there is a potential conflict of interest in Binance partnering with political figures to develop a stablecoin and generating revenue through it.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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