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Stablecoin USD1 to be Deeply Integrated with Binance?
WLFI introduced USD1 in March this year, a stablecoin pegged to the US dollar, backed by US treasuries, cash, and other equivalent assets, and issued on the BNB Chain.
According to CoinMarketCap data, as of this Wednesday, the circulating value of USD1 has reached $2.1 billion, making it one of the fastest-growing stablecoins. Zach Witkoff, the founder of WLFI, revealed during a speech that Abu Dhabi’s MGX investment company will use USD1 to complete a $2 billion investment deal with Binance. It is worth noting that Witkoff is also the son of Steve Witkoff, the Middle East envoy for the Trump administration, further highlighting the deep connection between World Liberty and the Trump family.
Additionally, Binance founder Zhao Changpeng met with Witkoff and two other WLFI co-founders in Abu Dhabi.
According to on-chain data from the cryptocurrency research firm Arkham, an anonymous wallet did indeed receive $2 billion worth of USD1 between April 16 and 29.
Integration with Tron, Sun Yuchen Invests $75 Million
On the other hand, Zach Witkoff announced during the event that USD1 will be integrated into the Tron blockchain led by Sun Yuchen. Sun Yuchen is not only the largest known investor in World Liberty but also serves as an advisor to the project and has already invested at least $75 million. Interestingly, Sun Yuchen also hosted the Dubai summit, sharing the stage with Witkoff and Eric Trump, son of Donald Trump.
Strong Backlash from US Political Scene
US Senate Banking Committee member and Democratic Senator Elizabeth Warren strongly criticized the transaction. She pointed out that this move indicates that the Trump family may be profiting from cryptocurrency policies.
“A fund supported by a foreign government has just announced that it will complete a $2 billion transaction through Trump’s stablecoin,” Warren said. “And the Senate is preparing to pass the ‘GENIUS Act,’ stablecoin legislation that will make it easier for the president and his family to line their own pockets. This is blatant corruption that no senator should support.”
As the current President of the United States, Trump promised to be the “crypto president” during his campaign and vowed to reform the federal cryptocurrency regulatory regime. He has delegated the management of his personal assets to his children and claims not to be involved in daily decision-making. However, as the Trump family’s presence in the cryptocurrency industry expands, concerns about potential conflicts of interest are growing stronger.
