According to Forbes' analysis based on data from the analytics platform Arkham Intel , as of the beginning of this week, Binance holds approximately 87% of the total circulating supply of USD1 stablecoins through its own wallets and user accounts on the exchange. This figure is equivalent to about $4.7 billion out of a total supply of $5.4 billion, making Binance the third largest holder of holdings among the top 10 stablecoins by market Capital .
According to Forbes, this level of concentration stands out from other stablecoins, where the supply is typically more widely distributed among multiple exchanges, custodians, and end users.
Binance stated that its support for USD1 is no different from other crypto assets, emphasizing that large exchanges often hold significant amounts of certain Token due to Vai in providing liquidation, custody, and facilitating user transactions. Binance also asserted that there is no connection between Changpeng Zhao's (CZ) pardon and the promotion of USD1.
Meanwhile, World Liberty Financial – the issuer of USD1 – stated that the related marketing activities are standard industry practice, while denying the possibility that Binance could influence or control the organization.
The White House's stance
Amid speculation surrounding political implications, the White House, through its press spokesperson, affirmed that former President Donald Trump has never been and will not be involved in any conflicts of interest related to USD1 or the promotion of stablecoins.
