Binance Reels In $100M of Trump-Linked Stablecoins

A nearly $100 million influx of Trump-linked USD1 has flowed into Binance over the past two weeks, according to an on-chain tracker. The latest transfer saw 30 million USD1 move from Fireblocks' custody wallet to Binance in the last 15 hours, ending August 31.

This continues a trend where most Trump-related stablecoins have been concentrated on a single offshore exchange. Over the past two weeks, a total of $96 million has been transferred from Fireblocks to Binance, with over half of that amount moving in the last seven days.

USD1 is the fifth-largest stablecoin, boasting a market cap of $4.17 billion and a gain of 4.1% over the past week. The concentration of this large portion of USD1 on Binance raises concerns about market stability and the potential for disruption if something were to happen at the exchange.