Binance, the world’s largest crypto exchange, played a foundational role in launching a stablecoin tied to former President Donald Trump, an exclusive Bloomberg report published July 11, 2025, revealed. The venture is deeply entwined with Trump’s political and financial interests, and was followed by founder Changpeng Zhao seeking a pardon months later, raising ethical questions regarding the timing of it all.
The Bloomberg report shows that Binance engineers were the ones who wrote the core smart contract code for USD1, the stablecoin issued by World Liberty Financial (WLF), Trump’s family crypto firm. Just after the coins’ launch in March 2025, WLF facilitated a $2 billion investment into Binance, which was funded via USD1 and had the backing of Emirati firm MGX.
Interestingly, Changpeng Zhao publicly acknowledged applying for a presidential pardon in May 2025, mere weeks after the USD1‑backed investment closed in April. This mix of money and political ties clearly shows a conflict of interest, made worse by the timing.
Blockchain records indicate roughly 90% of USD1 supply currently resides in Binance-controlled wallets. More so, these USD1 assets are interest-bearing, with industry sources estimating this could generate tens of millions annually. The Trump family stands to receive approximately $30 million per year in yield alone.
CZ, who pleaded guilty in 2023 to violating U.S. anti‑money‑laundering laws and served a four‑month sentence, has distanced himself and rubbished the Bloomberg report. He stated that the pardon request was “personal” and that USD1 went through Binance’s standard listing procedure.
Similarly, Binance and WLF have dismissed Bloomberg’s findings. Binance has claimed that USD1 followed ordinary protocols, while WLF has called the report “factually deficient” and politically motivated. For now, Zhao’s standing with U.S. regulators has improved significantly. In May, the Securities and Exchange Commission (SEC) dismissed its lawsuit against Binance, which was originally filed in June 2023 as part of a broader crackdown on crypto firms.