Binance Promotions Boost Trump Family's Stablecoin

World Liberty Financial reached a major milestone last month when circulation of its USD1 stablecoin hit $5 billion. The company posted "New milestones achieved" on social media, and Eric Trump celebrated with fire emojis. Much of the surge followed an alliance with Binance after President Trump pardoned the exchange’s founder, Changpeng Zhao.

Binance has run a series of marketing promotions to steer customers toward USD1, including fee-free conversions and interest-style rewards that made the coin cheaper and easier to buy. Data firms Arkham and Nansen estimate about 85 percent of USD1 is held in Binance accounts, even though the platform is available only outside the United States.

Jonathan Reiter of ChainArgos described Binance as the main trading venue for the token. The ties between World Liberty and Binance have prompted scrutiny from ethics experts and some members of Congress, who see a conflict because Mr. Trump is both a crypto industry figure and the nation’s top policymaker.

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