Binance Now Holds 87% Of USD1
Binance holds approximately 87% of USD1’s $5.4 billion circulating supply, underscoring the exchange’s central role in the stablecoin’s distribution and market activity.
Binance holds the majority of USD1, the U.S. dollar-pegged stablecoin issued by World Liberty Financial, according to blockchain data cited in a recent Forbes report.
Based on analysis from Arkham Intelligence, Binance-controlled wallets and customer accounts collectively hold approximately 87% of USD1 in circulation, or about $4.7 billion of the stablecoin’s roughly $5.4 billion total supply as of early February. The concentration represents the largest share of any top-10 stablecoin held at a single exchange.
USD1 is issued by World Liberty Financial, a crypto venture launched in 2024 that is affiliated with former President Donald Trump and members of his family. The stablecoin is designed to be redeemable one-to-one with U.S. dollars and backed by dollar reserves and U.S. government money market assets.
Bart Hillerich
The data indicates that much of USD1’s circulating supply currently resides within the Binance ecosystem, reflecting the exchange’s role in listing, custody infrastructure, and promotional activity related to the token. Binance has said its involvement with USD1 follows the same framework it applies to other digital assets supported on the platform.
Because Binance is restricted from serving U.S. customers under the terms of its 2023 settlement with the U.S. Treasury Department, the majority of USD1 held on the exchange is likely attributed to users and entities outside the United States, assuming compliance with those restrictions.
Bart Hillerich
The concentration has increased in recent months alongside promotional initiatives tied to USD1. In late January, Binance announced a campaign offering USD1 holders incentives denominated in World Liberty Financial’s governance token, WLFI. Around the same period, on-chain data shows transfers of WLFI tokens to Binance-linked wallets to support the program.
USD1’s integration into Binance’s infrastructure has also expanded through balance sheet and collateral changes. In December, World Liberty Financial announced that assets previously set aside to back Binance’s discontinued BUSD stablecoin would be converted into USD1, embedding the new stablecoin more deeply into Binance’s updated collateral structure.
Earlier this year, World Liberty Financial disclosed that MGX, a state-backed Abu Dhabi investment fund, would use $2 billion worth of USD1 to invest in Binance. The transaction placed a significant portion of USD1 reserves with the stablecoin’s custodian and contributed to the token’s rapid growth in market capitalization.
World Liberty Financial has stated that its relationships with exchanges are consistent with standard industry practices and that no single trading venue exerts control over the company or its products. Binance has similarly said its role is limited to providing listing, infrastructure, and market access services, noting that it is common for large exchanges to hold substantial amounts of certain tokens.
While the exact breakdown between USD1 held by Binance itself versus its customers is not publicly disclosed, the current distribution highlights Binance’s central role in USD1’s early circulation and market activity.
USD1 was announced in March 2025 and continues to scale as part of a broader trend toward institutionally backed stablecoins integrated into global exchange infrastructure.
