Binance Expands Support for Trump Family’s USD1 Stablecoin
- Binance has added fee-free trading pairs for World Liberty Financial’s USD1 stablecoin, including Ethereum (ETH), Solana (SOL), and BNB.
- The exchange will convert all collateral assets backing its stablecoin, BUSD, into USD1 at a ratio of 1:1 within a 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 slightly declined from its peak of $3 billion in late October.
- President Donald Trump is a co-founder of World Liberty Financial and recently pardoned Binance founder Changpeng Zhao.
This expansion marks a significant integration of USD1 within the Binance ecosystem, as it aims to enhance accessibility to digital US dollar stablecoins globally. The move follows a major investment decision from Abu Dhabi’s MGX firm using USD1 for a $2 billion stake in Binance.
With the addition of new trading pairs, Binance strengthens its position in the stablecoin market while USD1 continues to maintain significant backing and usage despite recent supply declines.(Source)
