According to Bloomberg, this happened shortly before the company’s founder’s request for pardon. The stablecoin itself helps the president’s family earn about $30 million a year.
Binance’s Role in the Trump Family’s USD1 Stablecoin Launch
The largest crypto exchange Binance has supported the cryptocurrency project of the Donald Trump family, and its founder Changpeng Zhao (CZ) is now asking the US President for a pardon. This is about Reports Bloomberg, citing sources familiar with the situation.
According to three sources, Binance wrote the code for the USD1 stablecoin launched by World Liberty Financial. The latter is owned by the Trump family. It was thanks to this stablecoin that a major deal worth $2 billion took place in the spring of 2025, in which MGX, an investment firm from the UAE, acquired a stake in Binance itself.
According to blockchain data, more than $2 billion USD1 (about 90% of all issued tokens) are still in Binance wallets. This could bring tens of millions of dollars annually to the Trump family, Bloomberg writes. Binance has also been actively promoting USD1 among its 275 million users.
Changpeng Zhao’s Presidential Pardon Request and Binance’s Legal Challenges
A Binance spokeswoman did not respond to journalists’ questions about the company’s involvement in the stablecoin’s development, saying only that USD1 had gone through a standard listing process. The company stressed that Zhao’s decision to seek clemency was his personal matter, as he was no longer Binance’s CEO. Zhao himself had previously admitted guilty of violating US anti-money laundering laws and has publicly stated his intention to seek clemency from President Trump.
Potential Conflict of Interest: Trump, Binance, and the USD1 Stablecoin
Critics point to a potential conflict of interest, as Trump is the only person who can grant a pardon to the Binance founder. “Not since the Civil War have we had a situation where a president’s personal financial interests so clearly conflict with his official duties,” Bloomberg quotes Richard Painter, former chief White House ethics adviser, as saying.
The White House declined to comment. A spokeswoman for World Liberty Financial said Bloomberg’s allegations were “not true and are driven by a political agenda.”
Trump’s Support for Cryptocurrency and the Future of the USD1 Stablecoin
Since taking office, Trump has been a vocal supporter of the cryptocurrency industry and has stated his intention to turn the United States into the “crypto capital of the world.” According to the Bloomberg Billionaires Index, crypto projects have already earned him at least $620 million.
Bloomberg sources also say CZ met World Liberty co-founder Steve Witkoff in Abu Dhabi in December 2024, shortly after Trump won the election. A spokesman for Witkoff said he had no recollection of the meeting.
$2 Billion Deal: MGX, Binance, and the Trump Family’s Crypto Project
In May 2025, after USD1 launched, UAE-based MGX used the stablecoin to acquire a stake in Binance, although it was initially expected to use another stablecoin, Circle’s USDC. The decision to choose USD1 came as a surprise even to Circle representatives. Following the deal, Binance’s relationship with US regulators improved markedly: in May, the US Securities and Exchange Commission (SEC) withdrew lawsuit against Binance, filed in June 2023.
Binance wallets still have over $2 billion in USD1. Even with a 4% annual yield, the Trump family will be able to receive about $30 million annually, according to company documents cited by Bloomberg.
