$96M Trump-Linked Stablecoin Influx Deepens Binance Concentration Concerns

A massive influx of $96 million in USD1 stablecoins has been transferred from Fireblocks' custody wallet to Binance, highlighting concerns about concentration and potential market disruption.

The transfers occurred between August 20 and 31, with the latest $30 million batch deposited on August 31. This brings the total minimum amount of these transactions to $96 million.

The stablecoin USD1 is issued by World Liberty Financial, a company co-founded by Donald Trump, and has been promoted heavily by Binance. The exchange had already accumulated a significant portion of USD1's supply, with 87% held as of February 9, according to Forbes analysis.