Binance Integrates USD1 Stablecoin, Deepening Ties Following CEO's Pardon
USD1 stablecoin, issued by World Liberty Financial, has been integrated into Binance's core infrastructure and is now tradable against BNB, Ethereum, and Solana. USD1 originally debuted on Ethereum and BNB Chain in September before this deeper integration. This move follows Binance CEO Changpeng Zhao's pardon in October; Zhao served four months for money-laundering-related violations, and the integration further solidifies World Liberty Financial's ties with Binance.
Binance users can swap USD1 for USDC or USDT without fees. According to World Liberty CEO Zach Witkoff, the integration expands access to USD1 by improving liquidity, trading options, and its use as collateral on Binance. The USD1 stablecoin is backed by cash and U.S. Treasuries, with a market capitalization of approximately $2.75 billion as of Thursday, up from a $2.6 billion footprint in September.
The WLFI governance token trades at around $0.14, experiencing a decline of about 5% in the last day and 30% since its September debut. In the past day, USD1 saw trading volume of about $55 million on Bullish, with Binance accounting for about $38 million. On Binance, 63% of USD1 trading volume was against USDT.
Earlier this year, USD1 attracted a $2 billion investment from MGX, an Abu Dhabi-based sovereign wealth fund, a deal that led to corruption allegations from some lawmakers, including Senator Elizabeth Warren.
