Binance cozies up to Trumps crypto platform with USD1 stablecoin links
Binance added zero-fee trading pairs for the Trump family's USD1 stablecoin and will use it to back its BUSD collateral.Summary
Binance, the world's largest crypto exchange, has expanded support for World Liberty Financial's USD1 stablecoin by adding zero-fee trading pairs for major tokens like Ether, Solana, and BNB, in addition to Bitcoin. Furthermore, Binance announced it will convert all collateral assets backing its BUSD stablecoin to USD1 at a 1:1 ratio within a week, integrating USD1 into its collateral structure.
USD1, co-founded by Donald Trump and his sons, is backed by U.S. Treasury bills and has grown to become the seventh-largest stablecoin with a $2.7 billion market cap, partly due to a $2 billion investment commitment from Abu Dhabi's MGX using USD1 for Binance. Despite this growth, USD1's supply has slightly declined from its peak.
This move follows a recent event where Donald Trump pardoned Binance founder Changpeng Zhao, who had pleaded guilty to AML program failures and was sentenced to four months in prison.
(Source：Cointelegraph)