CZ: Binance leads major stablecoins, not just USD1

CZ said Binance, which owns 87% of USD1, reflects user demand, arguing that the exchange dominates most major stablecoins.

Binance users own about 87% of USD1, the Trump-linked stablecoin, according to a Forbes report published on February 9, 2026, placing the majority of the token’s circulating supply on a single exchange.

The concentration has drawn criticism online, but Binance founder Changpeng “CZ” Zhao says the figures reflect user demand for stablecoins rather than special treatment tied to politics.

Stock market dominance attracts attention

The Forbes Report found that Binance controls approximately $4.7 billion of the $5.4 billion USD supply, based on data from Arkham Intelligence. That’s a higher share than any share of other top 10 stablecoins on a single exchange, with Forbes noting that the holdings include both Binance-controlled wallets and customer balances, although it remains unclear how much belongs to the exchange itself.

World Liberty Financial, a crypto firm backed by several members of President Donald Trump’s family, launched the token in March 2025, with CZ among the first to share the news publicly.

Trump is also listed as co-founder emeritus, and several entities associated with him are entitled to a large portion of the proceeds from the project’s governance token, WLFI.

The concentration of custody was criticized by independent researcher Molly White, who told Forbes that there is “theoretical risk” if assets become tied up in legal or operational disputes. Corey Frayer, a former advisor to the SEC chairman, went further, questioning whether USD1 was designed to function as a broad stablecoin at all.

However, Zhao responded on social media, writing,

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“Binance (users) own the largest percentage of most stablecoins (USDT, USDC, USD1, U… you name it) compared to all other CEXs. No news.”

The reaction around the token falls within a broader investigation by Zhao and Binance. The former CEO received a presidential pardon in October 2025 after pleading guilty in 2023 to failures to comply with anti-money laundering controls.

His lawyer said in a November 2025 interview that the case was regulatory in nature and rejected claims of political favors.

A pattern of FUD and market reality

The discussion also comes amid what CZ and Binance executives describe as a coordinated campaign of fear, uncertainty and doubt (FUD).

Earlier this month, Zhao unveiled a fake social media account with 863,000 followers that used AI-generated images of him to first pose as a supporter and then spread negative sentiments. Furthermore, a separate AI analysis report so-called a “deliberately organized and coordinated smear campaign” against the exchange.

Market data shows that Binance’s dominance extends far beyond one stablecoin, especially considering that a January CryptoQuant report found that Binance captured 41% of spot trading volume and 42% of Bitcoin perpetual futures volume among the top exchanges in 2025.

According to the report, the exchange also owned 72% of the combined USDT and USDC reserves on major platforms, a context that supports Zhao’s argument that large user ownership on the exchange is typical.