Three people familiar with the matter told Bloomberg that Binance’s involvement enabled USD1 to be used in a $2 billion investment in Binance made by UAE-based MGX.
Blockchain data reviewed by Bloomberg showed that approximately 90% of USD1’s $2 billion total supply is held in Binance wallets. The token’s prospectus indicates the Trump family could receive around $30 million annually from interest earned on reserves backing the stablecoin.
Zhao, who pleaded guilty in 2023 to anti-money-laundering violations and spent time in a California halfway house, confirmed his pardon request during a Farokh Radio podcast interview.
Ethics experts raised concerns about potential conflicts of interest. Richard Painter, former chief ethics counsel under President George W. Bush, said, “We have never had this since the Civil War: a president whose personal financial interests conflicted with his official duties.”
The Trump administration maintains that the President has no conflicts, citing a trust structure overseen by Donald Trump Jr. An ethics agreement released before Trump’s presidency stated he receives only general business updates.
Bloomberg reported that crypto initiatives tied to Trump have added at least $620 million to his fortune in recent months. Two sources said Zhao met World Liberty co-founder and Trump ally Steve Witkoff at a Bitcoin conference in Abu Dhabi in December 2024, although a person close to Witkoff denied the meeting took place.
Witkoff, now Trump’s special envoy to the Middle East, plans to transfer his World Liberty Financial interests to his adult sons, according to White House counsel David Warrington.
