- Binance is integrating the USD1 stablecoin from the Trump-linked WLFI crypto project into its trading platform.
- New USD1 trading pairs include BNB/USD1, ETH/USD1, and SOL/USD1, with no fees for exchanges with USDC and USDT.
- Binance will convert all BUSD token reserves into USD1, expanding the use of USD1 in its internal systems.
- USD1 is backed 1:1 by U.S. Treasury bills, cash, and equivalents, with a market cap of $2.7 billion.
- The development follows Donald Trump granting a pardon to Binance founder Changpeng Zhao in October 2023.
Binance, a leading cryptocurrency exchange, announced it is expanding the role of USD1, the stablecoin linked to the Trump-associated crypto project WLFI. Starting Thursday, Binance will introduce new trading pairs including BNB/USD1, ETH/USD1, and SOL/USD1. This will provide users with more options to trade using USD1, a dollar-backed stablecoin.
The exchange will also allow zero-fee conversions between USD1 and other major stablecoins, such as Circle’s USDC and Tether‘s USDT, according to a press release. Additionally, Binance will convert all reserves supporting its native BUSD stablecoin into USD1 within the next seven days. Following this, USD1 will be used as collateral in various Binance systems including margin trading and internal liquidity management.
USD1 is fully backed on a 1:1 basis by U.S. Treasury bills, cash, and cash equivalents. It currently holds a market capitalization of approximately $2.7 billion, ranking it sixth among stablecoins, as per RWA.xyz data. The token gained notice when Abu Dhabi’s MGX invested $2 billion in Binance, settling the amount in USD1.
This integration comes after former U.S. President Donald Trump granted a pardon to Binance founder Changpeng “CZ” Zhao in October 2023. Zhao had served a prison sentence of four months after pleading guilty to violating the Bank Secrecy Act in November 2023, a legal issue that sparked scrutiny outlined in a CBS News report.
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