According to a new report, Binance wrote the source code for USD1, the new Stablecoin for Trump’s Family Linked World Liberty Financial. The report argues Binance’s deep involvement in the creation of USD1, promotion and passive return.
Former Binance founder CZ rebutted the claim. Unfortunately, there are no smoking guns in either direction. The report cites anonymous sources, but statements from CZ and World Liberty Financial do not address the de facto claims.
Is Binance working with Trump?
The relationship between Vinanence, the world’s largest crypto exchange, and President Trump’s crypto empire, is shady.
There are some unmistakable connections like Binance will move USD1 or $32.8 million presidential meme coins to the exchange, but there are also many speculations. Today, Bloomberg has prepared further claims:
Citing three anonymous sources, the publication claimed that Binance had written the code for Trump’s new Stablecoin. Additionally, several publicly known incidents were associated with the exchange.
Soon after its launch, USD1 quickly reached a market capitalization of $2 billion, and Stablecoin is very concentrated. The report argues that Binance is responsible for both of these.
So, collectively, this suggests a deeply connected relationship. If Binance owns a large portion of the currently existing supply of USD1, it requires a Trump connection.
In particular, the report suggests that Trumps can earn passive income from this custody arrangement.
Still, these sources are anonymous and remain unconfirmed without concrete evidence. Binance founder Changpeng “CZ” Zhao took a fierce umbrella with his work.
From a neutral standpoint, Binance and CZ have received important allegations that they are directly involved in global freedom finance and Trump’s crypto efforts. However, these allegations have not been proven through concrete evidence.
Most importantly, in all recent reports on this issue, the sources are primarily cited as “anonymous”, which does not provide material for public verification.
Is there any concrete evidence?
Most of the time, the latest report spilled a lot of ink rehashing the history of Vinance with Donald Trump. It argued that this presents a conflict of interest to the President, as he has the economic incentive to issue an amnesty.
However, it is important to remember that CZ’s statement relies on the AD Hominem attack and did not challenge any particular facts either. Apart from bringing up the issue of defamation lawsuits, he did not comment on the work itself. Bloomberg has issued several similar statements from all involved.
For example, Trump’s White House declined to comment, a Binance spokesperson noted that CZ is not a current employee, and the world’s Liberty Financial said the outlets are “trying to promote a political agenda.”
Whether CZ works on an exchange or not, he is clearly an influential figure, and none of the other statements address the facts.
Previously, CZ refused to seek a presidential pardon for money laundering conviction before publicly applying. Still, rumors of the partnership continue to this day.
Needless to say, the honour and loss lawsuit may actually shed some light on the situation. If Bloomberg presents Trump and Vinance evidence in court, he will know the extent of these USD1 coding claims.
For now, however, it appears that both parties continue to move back and forth, rehashing the subject in the near future.
A new report in the post claims that the first appearance in Beincrypto was made by creating a Trump-linked USD1 stablecoin.
