The world’s largest digital asset exchange by trading volume may have played a larger role in the development of World Liberty Financial’s stablecoin USD1 than previously known.
According to a Bloomberg report citing unnamed sources, Binance wrote the code for World Liberty Financial’s USD1 stablecoin smart contract.
Once coded and promoted, Binance also made stablecoin available for a $2 billion transaction, completed in USD1. According to Bloomberg, approximately 90% of all USD1 is still in Binance-controlled wallets.
USD1 launched in March 2025. Two months later, during a podcast interview, former Binance CEO Changpeng Zhao, who was convicted in 2023 of failing to maintain proper anti-money-laundering standards at Binance and has already served a short prison term, confirmed that he had applied for a presidential pardon.
The news spurred three US senators to write a letter to the White House seeking answers:
“We write to request information about reports that Changpeng ‘CZ’ Zhao, founder and majority owner of cryptocurrency exchange Binance, is seeking a pardon from President Trump.
Just weeks ago, Binance, Emirati firm MGX, and World Liberty Financial (WLF)—a cryptocurrency company financially linked to President Trump and his family—announced a $2 billion deal involving USD1, WLF’s stablecoin.
The convergence of Mr. Zhao’s pardon application and Binance’s financial entanglements with the President’s family presents urgent concerns regarding the integrity of our justice system…
Though he stepped down from his role as CEO after pleading guilty to these charges, Mr. Zhao still owns 90% of the company.”
According to a World Liberty Financial spokesperson, Bloomberg’s reporting is “factually deficient and designed to further a political agenda.” A Binance spokesperson reiterated that CZ is no longer the exchange’s CEO.
World Liberty Financial is linked with Donald Trump but apparently not controlled by him, escaping any conflict of interest with his presidential duties. Trump has reportedly placed all his assets in a trust controlled by his oldest son.
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