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Today in crypto, Binance reportedly helped build the stablecoin code for World Liberty Financial, a crypto firm linked to US President Donald Trump. Bitcoinās rally drew a response from Peter Schiff, whoās now urging a move to silver. VanEck research shows Bitcoin mining execs are outearning peers in related industries.
Binance helped create World Liberty Financial stablecoin ā Report
Cryptocurrency exchange Binance reportedly helped create the code behind the stablecoin issued by World Liberty Financial (WLF), one of the crypto businesses tied to US President Donald Trump.
According to a Friday Bloomberg report citing three people familiar with the matter, Binance helped create, promote, and played a role in the largest transaction of WLFās USD1 stablecoin. The crypto business, backed by Trump and his three sons, launched USD1 on March 4.
An Abu Dhabi-based investment firm, MGX, announced a $2-billion investment in Binance on March 12 using a then-unnamed stablecoin. Eric Trump, one of WLFās co-founders, said in May that the company would be using USD1 to settle the investment.
According to Bloomberg, 90% of all the USD1 coins used in the transaction remained in Binanceās wallets as of Friday, potentially generating tens of millions of dollars in interest for Trump and his family.
Cointelegraph reached out to a Binance spokesperson and World Liberty Financial but had not received responses at the time of publication.
Peter Schiff says sell Bitcoin for silver as BTC smashes new highs
Longtime Bitcoin critic and gold advocate Peter Schiff said the latest BTC rally may be a selling opportunity for investors to buy silver instead.
āWith Bitcoin hitting new highs today (in dollars), itās a great time to sell some and buy silver ahead of silverās next big leg up,ā Schiff said in a Thursday X post as Bitcoin (BTC) put on its moon boots again and set new highs above $112,000. #BTC
It was a pleasure for #Binance to co-host an International Summit with the Taiwan Bitcoin and Virtual Asset Development Association! I shared my thoughts on industry and regulatory trends, and reaffirming our commitment to fostering Taiwan's vibrant Web3 ecosystem. #BTC
Right now, the market is moving in uncertain ways. This could be a classic bull trap ā where prices rise briefly to lure in buyers, then drop sharply.
There are two possibilities:
1ļøā£ It's a trap to take liquidity before a bigger drop. 2ļøā£ It's a slow recovery from recent global tensions ā but less likely.
ā ļø Current conditions are highly volatile and may involve fake moves to mislead traders. News events could shift the trend quickly.