An on-chain tracker flagged the movement of 30 million World Liberty Financial USD (USD1) from Fireblocks’ custody wallet to Binance in the last 15 hours, ending August 31. The latest transfer extends a pattern that has already moved most Trump-related stablecoins to a single offshore exchange.

In the global cryptocurrency market, where stablecoins are increasingly used to settle trades and move liquidity quickly between venues, that concentration is notable. It means a large share of the funds behind a leading dollar stablecoin is sitting on one platform.

One wallet, one exchange, tens of millions at a time

The latest transfer was not an isolated move. The same custody address, 9Rycov…4xfCxk, sent 28 million USD1 to Binance across three transfers of 10 million, 15 million, and 3 million within 21 hours on August 25, according to Onchain Lens.

The next day, the tracker said there had been an additional 10 million USD1 in deposits and transfers over the week, bringing the total to 66 million USD1. All of the flows were directed to Binance, the world’s leading crypto exchange, which reported more than 300 million total customers and $7.1 trillion in spot trading volume in 2025, according to the exchange’s year-end report.

TRUMP-BACKED solana:USD1ttGY1N17NEEHLmELoaybftRBUSErhqYiQzvEmuB KEEPS FLOWING TO BINANCE Fireblocks Custody sent another 30M solana:USD1ttGY1N17NEEHLmELoaybftRBUSErhqYiQzvEmuB to Binance over the past 15 hours. Address: 9Rycov3U4efJf5HiqZYGjN7qJJHEtMsj4vbmkG4xfCxk pic.twitter.com/w5n2RzlKWE — Onchain Lens (@OnchainLens) August 31, 2026

From the available data, the tracker says a total of $96 million was transferred from the Fireblocks custody wallet to Binance between August 20 and August 31.

According to the August 26 update, seven-day transfers had reached $66 million, including $28 million sent in the previous 21 hours and a further $10 million deposit. The additional $30 million reported on August 31 lifted the minimum total of these transactions to $96 million.

The chart reflects gross transfers received by Binance and does not show net exchanges or ownership of the tokens, since the tracker does not indicate whether the tokens later left the exchange.

According to DefiLlama, USD1 is the fifth-largest stablecoin, with a market capitalization of $4.17 billion and a 4.1% gain over the past week. It trails Tether, USD Coin, Sky Dollar, and Dai, and ranks ahead of Ethena’s USDe.

BitGo Bank & Trust, National Association, an OCC-licensed national trust bank, is responsible for issuing and redeeming the token, while the USD1 brand belongs to World Liberty Financial. A reserve report issued after a KPMG audit said that as of July 31 there were 3,996,528,668 tokens in circulation backed by $4,000,867,230 in redemption assets.

Why the concentration matters

Binance had been promoting USD1 before its concentration became widely apparent. The exchange waived fees on selected USD1 trading pairs in December 2025, then followed in January with a campaign offering $40 million in WLFI rewards to eligible users who held USD1 on the exchange.

By February 9, Binance held about 87% of USD1’s supply, or roughly $4.7 billion of the $5.4 billion then in circulation, according to a Forbes analysis of Arkham Intelligence data. Binance US held just $1,119, leaving nearly all of that exchange concentration offshore.

The incentives have continued. Binance’s latest USD1 campaign, which runs until September 4, allows eligible customers to receive a share of 170 million WLFI tokens for buying and trading USD1, along with a variable boosted yield.

The continuing inflows matter beyond USD1 itself. Bank for International Settlements research has shown that stablecoin flows can spill over into traditional currency markets. A March BIS working paper estimated that a 1% rise in net stablecoin inflows widens the gap between buying dollars through stablecoins and through spot foreign exchange by about 40 basis points, while also putting depreciation pressure on local currencies.

When one stablecoin’s liquidity is concentrated on a single exchange, any disruption at that venue can move through the market more quickly, and the available transfer data is one reason the venue concentration is drawing attention.

The political thread remains

USD1’s political ties remain central to the story. World Liberty Financial lists President Donald Trump as a co-founder alongside Donald Trump Jr., Eric Trump, and Barron Trump, while an affiliated LLC owns about 38% of the company. Trump reported $57.4 million in income from the venture in a financial disclosure.

The token drew scrutiny in May 2025 after co-founder Zach Witkoff said at a Dubai conference that USD1 had been “selected as the official stablecoin to close” Abu Dhabi firm MGX’s $2 billion investment in Binance.

Lawmakers, including Senator Elizabeth Warren, have raised conflict-of-interest concerns because Trump benefits from the business while also overseeing US crypto policy. Binance remains barred from its main US platform, while founder Changpeng Zhao, pardoned by Trump last year, retains majority ownership.

The latest deposits do more than deepen USD1’s liquidity on Binance. They keep a politically sensitive stablecoin concentrated on the exchange already at the center of the controversy.

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