Core Insights - Binance is under scrutiny due to its significant control over USD1, a stablecoin linked to World Liberty Financial, which has connections to US President Donald Trump and his family [1][8] - A Forbes investigation revealed that Binance holds approximately 87% of USD1's circulating supply, equating to around $4.7 billion out of a total of roughly $5.4 billion [2][4] - This concentration level is the highest recorded among major stablecoins, raising concerns about systemic risks and the decentralization narrative associated with stablecoins [4][5] Binance's Position - Changpeng Zhao (CZ), founder and former CEO of Binance, has publicly dismissed concerns regarding centralization as overstated, stating that Binance's large share of stablecoins is a result of its scale as the largest exchange [6][7] - CZ noted that Binance typically accounts for about 60–70% of centralized exchange holdings across multiple assets, emphasizing that these assets largely belong to customers rather than the exchange itself [7] Political Implications - The ties between USD1 and World Liberty Financial, which lists Donald Trump and his family members as co-founders, have intensified the debate surrounding the stablecoin's concentration and its implications for the crypto market [8]