$96M Trump-linked USD1 transfer trail puts Binance concentration back in focus

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. This continues the trend, which has already moved most Trump-related stablecoins to a single offshore exchange.

In the context of the global cryptocurrency market, which increasingly relies on stablecoins to settle trades, this concentration is a key point. It implies that a large portion of the money behind a leading dollar stablecoin is available on just 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 disclosed that there had been an extra 10 million USD1 in deposits and transfers over the week, making a total of 66 million USD1. All flows were directed to Binance, the leading crypto exchange in the world, which already had over 300 million total customers and achieved $7.1 trillion in spot trading volume in 2025, according to the exchange’s year-end report.

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