Report Claims That Binance Played a Foundational Role in the Creation of Trump Related StableCoin

Changpeng Zhao, the former CEO of Binance, reportedly supported crypto projects linked to the Trump family while privately seeking a presidential pardon, according to a July 11 report by Bloomberg News.

Former Binance CEO Changpeng Zhao allegedly backed a Trump-affiliated stablecoin while seeking a U.S. presidential pardon. According to a July 11 Bloomberg report, Zhao’s political maneuvering may have overlapped with Binance’s deeper involvement in pro-Trump crypto ventures.

Binance created code for Trump-backed stablecoin

Sources say Binance engineers built the smart contract for USD1, a stablecoin issued by World Liberty Financial. That firm has direct ties to President Donald Trump. The token played a key role in enabling a $2 billion investment from UAE-based MGX into Binance.

Almost 90% of USD1’s total supply currently sits in Binance-controlled wallets, blockchain data confirms. The token’s official documents suggest Trump’s family could collect $30 million per year in interest income from the coin’s reserve assets.

Zhao sought pardon amid private Trump connections

While helping projects linked to Trump, Zhao allegedly pushed for a pardon behind closed doors. Sources told Bloomberg the pardon request was personal and not disclosed in public filings. Binance, distancing itself from the matter, stated that the USD1 listing followed routine procedure and Zhao’s pardon plea had nothing to do with the firm.

Two insiders also claimed Zhao met World Liberty co-founder Steve Witkoff at a crypto event in Abu Dhabi in December 2024. However, someone close to Witkoff denied that the meeting happened.

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Trump crypto projects boost his fortune

Trump-affiliated crypto ventures have reportedly added $620 million to his fortune in recent months. These efforts reflect growing links between digital assets and high-level political figures ahead of the 2024 election cycle.

Zhao, awaiting sentencing, now faces heightened scrutiny. His actions—both legal and political—continue to ripple across crypto markets and Washington alike.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.