Former Binance CEO Changpeng Zhao allegedly supported crypto projects tied to the Trump family while privately seeking a presidential pardon, according to a July 11 Bloomberg News report.
The report claimed that Binance wrote the foundational smart contract code for USD1, a stablecoin issued by World Liberty Financial, a company affiliated with President Donald Trump.
Three people familiar with the matter told Bloomberg that Binance’s involvement enabled USD1 to be used in a $2 billion investment in Binance made by UAE-based MGX.
Blockchain data reviewed by Bloomberg showed that approximately 90% of USD1’s $2 billion total supply is held in Binance wallets. The token’s prospectus indicates the Trump family could receive around $30 million annually from interest earned on reserves backing the stablecoin.
A Binance spokesperson told Bloomberg the USD1 listing followed its “standard process,” emphasizing that Zhao’s pardon application is “a personal one” and unrelated to c
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