According to sources cited by Bloomberg, the exchange not only helped build the token’s codebase but also participated in its […]
The post Binance Reportedly Involved in Trump-Linked Stablecoin Project Amid $2B Deal appeared first on Coindoo.
According to sources cited by Bloomberg, the exchange not only helped build the token’s codebase but also participated in its promotion and the largest transaction involving it.
On March 12, Abu Dhabi investment firm MGX revealed a $2 billion investment into Binance, later confirmed to be settled in USD1. Eric Trump stated in May that USD1 would serve as the settlement mechanism. As of now, nearly 90% of the USD1 involved remains in Binance wallets, potentially generating significant interest income for the Trump-affiliated firm.
This connection between Binance and a politically influential business has sparked concerns about conflicts of interest and regulatory implications, especially given Binance founder Changpeng Zhao’s legal history and his reported pursuit of a presidential pardon from Trump.
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Meanwhile, the U.S. Congress is nearing a decision on the GENIUS Act, a proposed law to regulate stablecoins, which has already passed the Senate. The Trump administration has publicly supported the bill, promising swift approval if it clears the House.
The growing financial ties between Trump’s circle and the crypto industry—ranging from memecoins to stablecoins—are likely to further complicate bipartisan negotiations as the industry waits for regulatory clarity.
The post Binance Reportedly Involved in Trump-Linked Stablecoin Project Amid $2B Deal appeared first on Coindoo.
Source: https://coindoo.com/binance-reportedly-involved-in-trump-linked-stablecoin-project-amid-2b-deal/
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