Binance Expands Support for Trump Family’s USD1 Stablecoin
- Binance has added fee-free trading pairs for the USD1 stablecoin with major tokens like Ether (ETH), Solana (SOL), and BNB, alongside Bitcoin (BTC).
- The exchange will convert all collateral assets backing its stablecoin, BUSD, into USD1 at a ratio of 1:1 within one week.
- USD1 is backed by US Treasury bills and has a market capitalization of $2.7 billion, making it the seventh-largest stablecoin.
- The supply of USD1 has declined from a peak of $3 billion in late October, with no new issuance reported for months.
- World Liberty Financial’s CEO praised Binance’s move as significant for expanding access to digital US dollar stablecoins.
This integration marks an important development in Binance’s ecosystem, especially as President Donald Trump is a co-founder of World Liberty Financial and recently pardoned Binance founder Changpeng Zhao after his conviction related to anti-money laundering compliance.
With the addition of USD1 trading pairs and the conversion of BUSD collateral, Binance aims to strengthen its position in the stablecoin market amid fluctuations in USD1’s supply and demand. (Source)
