Track market-moving stories before they get noisy

A shareholder for Circle Internet Financial, the company behind the USDC (USDC) stablecoin, filed a lawsuit against US President Donald Trump, his family’s crypto company World Liberty Financial, affiliate entities, and US Special Envoy to the Middle East Steve Witkoff over a $2 billion deal between a foreign government entity and Binance.

In a Thursday filing in the US District Court for the District of Columbia, Circle shareholder J. Benjamin Greenberg alleged that Trump, Witkoff and World Liberty caused harm to Circle by creating a pathway for foreign governments to funnel money using the Trump family crypto company’s USD1 stablecoin. This “brazen corruption,” according to Greenberg, leaves Circle “unable to compete” in the stablecoin market with its USDC.

Central to the Circle shareholder’s allegations is an Abu Dhabi entity, MGX, tied to the United Arab Emirates royalty, which invested $2 billion into cryptocurrency exchange Binance using the USD1 stablecoin in 2025. The Wall Street Journal reported in February that another investment vehicle backed by Sheikh Tahnoon bin Zayed Al Nahyan agreed to purchase a 49% stake in World Liberty for $500 million.

“By accepting hundreds of millions of dollars from a foreign government, the President and his companies have diverted business from [Circle],” alleged Greenberg, adding:

“Plaintiff asks this Court to declare the President’s corrupt acts a violation of the Constitution, to enjoin the brazen corruption alleged below, to order an accounting of the billions in payments from foreign states to the President and his businesses, to require the companies holding them to disgorge the emoluments the President accepted through them, and for compensatory and punitive damages.”Greenberg reported holding 10,000 ordinary shares of Circle as part of his reasons for the lawsuit. He petitioned the court to declare that Trump violated the US Constitution’s Foreign Emoluments Clause through the crypto deals and to issue injunctions preventing the president and Witkoff from pursuing similar financial interests without Congress’ consent.

Zach Witkoff, the son of the Witkoff named in the lawsuit, is a World Liberty co-founder. Trump and his three sons are also co-founders of the crypto venture.

A Circle spokesperson told Cointelegraph that the company “did not initiate, direct, authorize, or participate in the filing,” declining to comment on pending litigation. Spokespeople for World Liberty and the White House did not respond to requests for comments on the lawsuit.

Democrats use ’corruption’ messaging as midterm elections approachThe US president and his family are tied to several crypto ventures that Trump reported netted him $1.4 billion in 2025, while also costing investors about $4.7 billion, according to reporting by the nonprofit consumer advocacy organization Public Citizen. The crypto ventures are just a few of many controversial deals Trump faces scrutiny over, including accepting a jet from the government of Qatar.

With less than two weeks until the 2026 midterms and early voting having already started in some US states, Democrats running for reelection are using Trump’s crypto deals as a wedge issue for voters to support candidates in their party. Last week, Senator Mark Warner released a campaign ad highlighting that the president made ”more than $600 million alone from the crypto memecoin.”

Magazine: Richard Heart caught ‘off-guard,’ QDay gets even closer: Hodler’s Digest

Binance launches Stage Two of its USD1 incentive program with 2.5M $USD1 in secondary reward pools, alongside a 150M $WLFI reserve built with World Liberty Financial.

@Binance is bringing @worldlibertyfi's dollar-pegged stablecoin $USD1 into its centralized exchange yield-generation framework, with the launch of Stage Two of its user incentive program.

The new phase releases a total of 2.5M $USD1 in rewards into secondary reward pools. This comes on top of a 150M $WLFI promotional reserve pool that Binance built jointly with World Liberty Financial.

A continuation of earlier USD1 campaigns on BinanceThe move extends a series of incentive programs linking the two companies. An earlier campaign offered weekly $WLFI airdrops to users holding a minimum balance of $USD1, with a total allocation of $40 million in tokens. Binance said at the time it aimed to encourage users to hold or deploy their USD1 across supported products.

The program was later extended. According to MEXC News, 235 million $WLFI tokens were offered from February 20 to March 20, 2026 to users holding $USD1.

Binance has also backed USD1 through trading incentives. In a December 2025 press release, Binance said VIP Level 2 to 9 users would pay zero maker and taker fees on BNB/USD1, BTC/USD1, ETH/USD1 and SOL/USD1 pairs, while all users would pay no fees on USD1/USDT and USD1/USDC pairs.

What USD1 is and where it standsThe same release describes USD1 as a fully redeemable, 1:1 dollar-backed stablecoin, with reserves held in U.S. Treasury bills, cash deposits and other cash equivalents. Coinbase data shows it launched in March 2025 and is closely associated with the Trump family.

Its supply is heavily tied to Binance. Eco, citing CoinGecko and Binance data, estimates the exchange holds roughly 87% of total USD1 supply, making it the dominant venue for the asset. That concentration helps explain why incentives on the exchange can move the stablecoin's numbers.

The timing is notable. BigGo Finance, citing CoinGecko data, reports USD1's market capitalization fell by about $401 million, or 9.1%, to roughly $4.02 billion between Oct. 6 and Oct. 19, driven mainly by net redemptions on Ethereum and BNB Chain. The same report says USD1 held its peg throughout, trading between $0.998 and $1.000.

Stage Two adds fresh $USD1 and $WLFI incentives at a point when the stablecoin's supply has been shrinking. Whether the larger reward pools draw new balances onto the exchange is likely to show up in USD1 supply data over the coming weeks.

SourcesBusiness Wire: Binance expands USD1 integration
BigGo Finance: USD1 market cap and redemptions
Coinbase: World Liberty Financial USD overview

Gold perpetuals on Aster DEX, settled in World Liberty Financial's USD1, are reportedly the exchange's third most traded market behind $BTC and $ETH.

Gold perpetual futures on @Aster_DEX, settled in @worldlibertyfi's $USD1 stablecoin, have become the third most traded asset on the exchange, according to a post from BSC News. The post cites data from @MSBIntel showing the contract traded roughly $6.7 billion over the past month, placing it behind only $BTC and $ETH.

The figures come from the social media post and the cited analytics account. We have not independently verified them.

How USD1 became the settlement assetThe gold market is part of a broader tie-up between Aster and World Liberty Financial.

The structure differs from most rivals. According to CryptoAdventure,

The relationship has since deepened. According to CryptoRank,

What it means for Aster and WLFIIf the reported volume holds, tokenized gold is now a core product on Aster rather than a side listing. It also gives $USD1 a concrete use case as a trading settlement asset.

Aster remains one of the larger venues in the sector. One October 2026 ranking put Measured against that monthly total, a $6.7 billion gold contract would represent a meaningful share of activity, though the two figures come from different sources and may use different methodologies.

Aster is also entering a crowded field. CryptoRank noted that Leveraged commodity products also carry high risk, and traders should check contract terms and liquidity before taking positions.

SourcesAster DEX Makes USD1 Sole Settlement for Commodity Perps (OurCryptoTalk)
Aster Launches USD1 Perp Markets for Stocks, Oil, and Gold Trading (CryptoRank)
Aster DEX Replaces Tether With USD1 for Gold, Silver, Oil Perps (Stocktwits)

@Worldlibertyfi and @ZIGFinance have announced a partnership that puts the $USD1 stablecoin at the center of real-world asset (RWA) credit markets. Under the arrangement, ZIG Markets will act as the origination, structuring, and distribution platform for debt instruments backed by real-world assets, with $USD1 serving as the primary settlement and balance-sheet liquidity asset.

The deal creates a direct pipeline for institutional players looking to use dollar stablecoins to finance off-chain activities, with capital able to flow back into on-chain vaults once deployed. It is one of the more concrete applications yet seen for $USD1 beyond simple payments or DeFi collateral.

USD1: A Stablecoin Built for Institutional Use The timing of the partnership reflects $USD1's rapid rise as an institutional-grade dollar token. USD1 is issued by World Liberty Financial, custodied by BitGo Trust Company, and backed by cash and short-duration US Treasury bills. Launched on Ethereum and BNB Chain in March 2025, it had grown to a circulating supply near $4.5 billion by Q1 2026, making it the fastest-growing fiat-backed stablecoin of the period.

Built to institutional standards, USD1 is a fully reserved, 1:1 redeemable digital asset, backed entirely by short-term US government treasuries, US dollar deposits, and other cash equivalents. That conservative reserve structure has helped it gain traction with institutions that require clarity on counterparty risk.

A $2 billion investment by Abu Dhabi-based MGX into Binance was settled using USD1 as the official stablecoin, placing the token at the center of the largest stablecoin-settled transaction in crypto history. The ZIG Finance partnership extends that institutional momentum into credit markets specifically.

Bridging On-Chain Capital and Off-Chain Credit The structure is straightforward in concept but significant in scope. ZIG Markets will source and structure debt instruments tied to real-world assets, with $USD1 acting as the funding and settlement currency throughout the lifecycle of each instrument. Once off-chain activities are financed, the capital is designed to return to on-chain vaults, completing a loop between decentralized liquidity and traditional credit markets.

This fits within a broader push by World Liberty Financial to expand $USD1's role beyond simple peer-to-peer transfers. World Liberty Financial has been exploring tokenization of various real-world assets, including commodities such as oil, gas, cotton, and timber, and plans to pair tokenized assets with its USD1 stablecoin, which it describes as a trustworthy and transparent pairing option.

The ZIG Finance deal adds structured credit to that list, opening a new category of institutional use case for a stablecoin that has grown faster than almost any competitor in its first year of operation.

Sources:
The Block: World Liberty Financial plans to tokenize real-world assets and pair with USD1 stablecoin
Canton Network: World Liberty Financial USD1 Stablecoin Deployment Announcement
Stablecoin Insider: WLFI USD1 Q1 2026 Report

Source: Binance EN

Disclaimer: In compliance with MiCA requirements, unauthorized stablecoins are subject to certain restrictions for EEA users. For more information, please click here. This is a general announcement and marketing communication. Products and services referred to here may not be available in your region. Fellow Binancians, From 2026-10-02 00:00 (UTC), Binance will continue the airdrop campaign rewarding all eligible users who hold World Liberty Financial USD (USD1) on our platform. Eligible users will share rewards from a grand prize pool of 150 million World Liberty Financial (WLFI) tokens and up to 2.5 million USD1 tokens. The rewards will be distributed as weekly rewards to USD1 holders every Friday. Campaign will have two stages: Stage 1: 2026-10-02 00:00 (UTC) - 2026-10-16 00:00 (UTC), with 75 million WLFI token rewards Stage 2: 2026-10-16 00:00 (UTC) - 2026-10-30 00:00 (UTC), with 75 million WLFI and up to 2.5 million USD1 token rewards Please stay tuned for Stage 2 Campaign Participation Terms. We will update the Stage 2 campaign terms on or before 2026-10-16. How to Participate in Stage 1: Eligible users must hold USD1 in balance (net assets), in any of the following account categories on Binance: Spot Account;Funding Account;Margin Account (USD1 as Collateral in Cross Margin, Isolated Margin, or Portfolio Margin); USDⓈ-M Futures Account (USD1 as Collateral in USDⓈ-M Futures Accounts, Multi-Assets mode is included). USD1 in Binance Futures or Margin accounts can receive a 1.2x bonus multiplier on rewards, only if the user’s Daily Open Interest on USD1 Futures pair(s) is maintained at a minimum of 300 USD1. Binance will take hourly daily snapshots of each user’s Open Interest each day and use the lowest recorded amount to determine if the users’ Daily Open Interest on that day meets the minimum requirement and their eligibility of the 1.2x bonus multiplier. Note: If the users’ Daily Open Interest on USD1 Futures pair is less than 300 USD1 on certain days, and hold more than 0.01 USD1 in their Margin or Futures Accounts, they will still receive 1x rewards on those days, but not the 1.2x bonus rewards. USD1 acquired through borrowing of other stablecoins will receive a haircut of 70%, after accounting for liabilities in Margin Accounts from other stablecoins, including USDT, USDC, U, RLUSD, and FDUSD. Campaign Details: Distribution: Rewards will be airdropped directly to eligible users’ Binance Spot Accounts. Distribution Frequency: Weekly airdrops during the Campaign Period. Reward Distribution: Rewards start accruing from 2026-10-02 00:00 (UTC). Weekly rewards will be distributed by 18:00 (UTC) every Friday in WLFI tokens. Distribution records can be found in Distribution History. The Weekly Reward Amount will be roughly calculated as follows: Qualifying Balance of each day = Lowest USD1 balance captured during those hourly snapshots on each day.Weekly Rewards = (7-day average of the Qualifying Balance * Effective APR on the distribution day * 7) / 365 After each weekly distribution, the effective APR for that period will be updated in this announcement. In determining the effective APR on the distribution day, Binance will take into account a number of factors, including, without limitation: Minimum recorded amount of Open Interest per day;Lowest balance of the snapshots each day;The daily aggregated amount of Qualifying Balances across all eligible holders of USD1;7-day average across all eligible holders of USD1 For USD1 acquired through borrowing other stablecoins: Eligible balance in Margin Account = USD1 Balance Before Leverage + Leveraged Amount * (1 - 70%): USD1 Balance before Leverage = MAX [USD1 Balance in Margin Account - Margin Account Liabilities of the Other Stablecoins, 0] Leveraged Amount = USD1 Balance in Margin Account - MAX [USD1 Balance in Margin Account - Margin Account Liabilities of the Other Stablecoins, 0] Note: ”Other Stablecoins” include USDT, USDC, U, RLUSD, FDUSD. Case examples: User A’s Daily Open Interest on USD1 Futures pair from Day 1 to Day 6 is maintained at 1,500 USD1, Day 7 at 100 USD1. Throughout the 7 days, the user holds 10,000 USD1 in Spot and 20,000 USD1 as collateral in Margin, and effective base APR is 20%, effective boosted APR is 24%, User A's rewards due to be received at the end of 7 days will be as follows:[(10,000 * 20% * 7) / 365] + [(20,000 * 24% * 6) / 365] + [(20,000 * 20% * 1) / 365] = 128.21 USD worth of WLFIUser B’s Daily Open Interest on the USD1 Futures pair is maintained at 1,500 USD1 throughout week 1. The user borrowed 5,000 USD1 from VIP loan or Margin (“liabilities”). Among this borrowed 5,000 USD1, 4,000 USD1 was used as collateral in Margin, the remaining 1,000 USD1 was held in their Spot Account in week 1. The effective base APR is 20%, effective boosted APR is 24%, User B’s rewards due to be received at the end of week 1 will be as follows:Qualifying Balance = 0 [(0 * 20% * 7) / 365] + [(0 * 24% * 7) / 365] = 0 USD worth of WLFIUser C’s Daily Open Interest throughout Week 1 was maintained at 100 USD1. The user had 1,000 USD1 in the Margin Account and used it as collateral to borrow 4,000 USDT through Margin (“Liabilities of the other Stablecoins”), then converted this 4,000 USDT to USD1. The user now holds 5,000 USD1 in Margin (“USD1 Balance”) in week 1. The effective base APR is 20%, effective boosted APR is 24%, User C’s rewards due to be received at the end of week 1 will be as follows:Since Daily Open Interest < 300, User C doesn’t qualify for 1.2x bonus rewards. Qualifying Balance = MAX [5,000 - 4,000, 0] + {5,000 - MAX[5,000 - 4,000, 0] } * (1 - 70%) = 1,000 + (5,000 - 1,000) * (1 - 70%) = 2,200[(2,200 * 20% * 7) / 365] = 8.43 USD worth of WLFI Important Notes: Snapshots of user’s Open Interest will be taken at any point of time each hour to get users’ hourly Open Interest. The lowest USD1 Open Interest captured during those snapshots on each day will constitute their Daily Open Interest. If the Daily Open Interest is lower than 300 USD1 for a specific day, then for that day the user won’t receive 1.2x bonus rewards.Users’ USD1 Qualifying Balance will be calculated as net assets (assets minus liabilities). USD1 as liabilities (e.g., borrowed from VIP loans, Margin loan, etc.) will be excluded from the Qualifying Balance for this campaign. Snapshots of user balances and total qualifying balances will be taken at any point of time each hour to get users’ hourly balances in the above mentioned account categories. The lowest USD1 balance captured during those snapshots on each day will constitute their Qualifying Balance and be used to calculate their rewardsFor example, a user’s lowest USD1 balance captured on 2026-10-02 is zero, then their qualifying balance for that day is zero. At any snapshot time, any one of users’ supported assets must be greater than 0.01 USD1 to be included in the calculation.Users are recommended to maintain their USD1 holding throughout the Campaign Period to maximize their rewards. Rewards distributed are rounded down to 2 decimal places. Rewards of sub-accounts will be distributed to the Spot Account of corresponding sub-accounts. Kindly note that the distribution time is not guaranteed and may change from time to time.There is no individual cap on rewards. Users’ rewards depend on their qualifying balance relative to the total qualifying balance of all eligible users and other factors. Stay tuned for weekly reward distributions and updates on the Campaign. Terms and Conditions: Users may not be eligible for rewards if there are active restrictions on their accounts.WLFI token value for airdrop distribution will be based on the official Binance market closing price one day before the airdrop distribution day.Snapshots of user balances and total pool balances will be taken multiple times at any point of time each hour to get users’ hourly balances in the aforementioned account categories. The lowest USD1 balance captured during those snapshots on each day will constitute the user’s Qualifying Balance and be used to calculate their rewards.At any snapshot time, any one of users’ supported assets must be greater than 0.01 USD1 to be included in the calculation.Broker accounts are not eligible for this campaign. Binance reserves the right to periodically update the rules to accommodate changes in legal, regulatory, or other factors.Users must complete account verification (KYC) and also be from an eligible jurisdiction to participate in the campaign. Currently, users residing in the following countries or regions will not be able to participate in the USD1 campaign (notwithstanding that they may hold USD1): Åland Islands (Finland), Austria, Belgium, Bulgaria, Canada, Crimea (Ukraine – disputed territory), Croatia, Cyprus, Czech Republic, Denmark, Democratic People’s Republic of Korea, Donetsk People’s Republic, Estonia, Faroe Islands, Finland, France, French Guiana, Germany, Gibraltar, Greece, Guadeloupe, Guernsey, Hungary, Ireland, Isle of Man, Islamic Republic of Iran, Italy, Japan, Latvia, Lithuania, Luhansk People’s Republic, Luxembourg, Malta, Martinique, Mayotte, Netherlands, Poland, Portugal, Republic of Cuba, Réunion, Romania, Russian Federation, Saint Martin (French part), Slovakia, Slovenia, Spain, Sweden, United Kingdom, United States of America and its territories.Please note that the list of excluded countries provided here is not exhaustive and may be subject to changes due to evolving local rules, regulations, or other considerations. This list may be updated periodically to accommodate changes in legal, regulatory, or other factors.For clarity, references to “USD1” in the content above are not direct acronyms of the “United States Dollar” fiat currency unless otherwise specified.Binance reserves the right to disqualify a user’s reward eligibility if the account is involved in any dishonest behavior (e.g., wash trading, illegally bulk account registrations/logins, self dealing, or market manipulation). Binance further reserves the right to disqualify any participants who tamper with Binance program code, or interfere with the operation of Binance program code with other software.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating or suspending this Promotion, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all Participants shall be bound by these amendments.Binance reserves the right to suspend any user's Margin borrowing at any time, without prior notice, in its sole discretion, if any abnormal or suspicious activity is detected.There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. Thank you for your support! Binance Team 2026-10-01 Trade on-the-go with Binance’s crypto trading app (iOS/Android) Find us on TelegramWhatsAppXFacebookInstagramDiscord Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice. Disclaimer: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. The APR is calculated weekly, and is expressed as an annualised percentage yield for illustrative purposes only. Each APR is not indicative of future results. The APR is likely to fluctuate week-to-week and the estimated rewards may differ from the actual rewards generated. APR is an estimate of rewards you will earn in cryptocurrency over the selected timeframe. It does not display the actual or predicted returns/yield in any fiat currency. Past performance is not a reliable predictor of future performance. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. For more information, see our Terms of Use, and our Risk Warning. To learn more about how to protect yourself, visit our Responsible Trading page.

In This Article What is the World Liberty Trust?Ownership and Custody Structure of World Liberty FinancialWhere Does the World Liberty Trust Bank Fit in the Stablecoin Landscape? World Liberty Financial, the crypto venture backed by the Trump family, said on Friday that its trust company received preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) to become a bank.

Upon final approval, World Liberty Trust Company, National Association would operate as a federally chartered national trust bank, according to the company’s statement and the OCC’s decision letter.

🚨OCC APPROVES WLFI NATIONAL TRUST BANK FOR STABLECOIN ISSUANCE!

The OCC granted preliminary conditional approval for World Liberty Trust Company, National Association to operate as a national trust bank.

It can issue and redeem the $USD1 dollar-backed stablecoin, provide… pic.twitter.com/XYOsV2MDVo

— Crypto Banter (@crypto_banter) August 14, 2026

The stakes are tied directly to USD1, World Liberty’s dollar-backed stablecoin, which has a market value of about $4Bn. The approval is preliminary and conditional, not authorization to begin operations.

The OCC said final approval depends on the company meeting all pre-opening requirements and that it may modify, suspend, or rescind the approval before granting final authorization.

What is the World Liberty Trust? The proposed charter is intentionally narrow. It would allow World Liberty Trust to issue and redeem USD1 and maintain reserves for the stablecoin in a nonfiduciary capacity.

It would also provide digital-asset custody services in a fiduciary capacity, primarily for USD1 customers and other institutional clients, according to the OCC’s Corporate Decision #1385.

The bank would additionally offer conversion services for custody customers. Under the proposal, those customers could submit approved stablecoins in exchange for USD1 using assets already held in custody. The conversion services would be limited to custody customers and to their custodied assets.

The proposed institution is a national trust bank, not a conventional deposit-taking or lending bank. The OCC described the proposal as involving trust-company operations and related activities, including fiduciary custody and nonfiduciary reserve maintenance.

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Ownership and Custody Structure of World Liberty Financial The OCC decision states that the proposed bank would be a wholly owned subsidiary of WLTC Holdings LLC, a Delaware limited liability company.

The bank’s main office would be in Bay Harbor Islands, Florida. The filing states that World Liberty Financial LLC and the proposed bank share indirect common ownership.

USD1 launched last year, and BitGo currently custodies its reserves. The OCC decision says the proposed bank plans to assume the role of issuer and custodian from BitGo Bank & Trust, National Association, which it identifies as the current exclusive issuer and custodian for USD1.

After the bank is established, it intends to acquire and assume USD1 reserve assets and associated liabilities from BitGo. The OCC addressed that proposed acquisition and assumption as part of its review of the bank’s formation.

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Where Does the World Liberty Trust Bank Fit in the Stablecoin Landscape? 🇺🇸JUST IN: World Liberty Financial CEO Witkoff says the OCC’s conditional trust charter will give the market “more confidence in $USD1.”

He says the new federal oversight framework requires 1:1 reserve backing, formal KYC/AML policies and regular OCC exams.… https://t.co/dxUGKSJioY

— CryptosRus (@CryptosR_Us) August 25, 2026

The OCC decision cites the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS, Act. According to the decision, Congress expressly recognized uninsured national banks’ authority to issue stablecoins under that law.

The agency said payment-stablecoin issuance is permissible as a trust-company operation or an activity related to one. It also concluded that the proposed conversion services relate to the bank’s fiduciary custody activities.

For World Liberty Trust, the conditional approval marks an initial regulatory step rather than a completed launch. The OCC has said the bank cannot commence business until it satisfies all pre-opening requirements and receives final approval and authorization.

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USD1 Vault Goes Live With Institutional StrategyWorld Liberty Financial and UltraYield have joined forces to launch a new yield vault built around USD1, World Liberty Financial's dollar-pegged stablecoin, as the base asset. The vault is managed by Edge Capital and targets market-neutral returns across crypto markets, insulating investors from directional price risk.

USD1 is 100% backed by short-term US government treasuries, US dollar deposits, and other cash equivalents, with custody handled by BitGo. The stablecoin has surpassed $4 billion in circulation since its launch in March 2025, reflecting growing institutional appetite for the asset.

How the Strategy WorksThe vault employs basis trading and funding rate capture, operating across a mix of traditional finance, centralised finance, and decentralised finance venues. According to UltraYield, execution runs across three platforms: Binance, Bybit, and Hyperliquid. This multi-venue approach is designed to harvest persistent yield from funding rate differentials and price dislocations without taking on naked directional exposure.

The strategy is a market-neutral macro approach utilising DeFi protocols, with a core focus on market-making while hedged for directional risk, combined with opportunistic trades including funding rate basis trades, cross-chain arbitrage, and inverse funding rate trades.

Edge Capital is a crypto hedge fund and liquidity provider to early-stage protocols, with DeFi and CeFi trading expertise and a market-neutral approach, managing capital for institutional investors and leading crypto foundations since 2020. The firm currently oversees around $300 million in assets under management, according to UltraYield.

The pairing of a regulated, treasury-backed stablecoin with a market-neutral institutional strategy signals a broader push to bring structured yield products to DeFi, one that bridges the gap between traditional finance discipline and on-chain capital markets.

Sources:
World Liberty Financial: USD1 Launch Announcement (BusinessWire)
World Liberty Financial Launches USD1 on Canton Network (CFOtech)
Edge Capital Background (CoinDesk)

TLDR World Liberty Financial says USD1 stablecoin circulation has topped $4 billion, driven by institutional demand. CEO Zach Witkoff denies that political ties to the Trump family fueled the growth. MGX used USD1 for its $2 billion Binance investment in 2025, an early institutional use case. The OCC gave preliminary approval for a related trust bank on August 14. Lawmakers continue to question foreign ownership links tied to the company. World Liberty Financial says its USD1 stablecoin has grown past $4 billion in circulation. The company’s CEO, Zach Witkoff, says the growth reflects real demand rather than political favors.

Witkoff made the comments after CNBC reported on the story on August 25. He said USD1’s growth shows the token is being used regardless of any ties to President Donald Trump’s administration.

The comments came shortly after federal regulators gave early approval for a new trust bank tied to the company.

How USD1 Has Grown Since Launch USD1 launched in March 2025. It is a dollar backed digital token, meaning each coin is supposed to be backed by cash and similar safe assets held at financial institutions.

The token became one of the larger dollar backed cryptocurrencies in the market. Its early growth was tied closely to one large deal.

Abu Dhabi backed investment fund MGX used USD1 to complete a $2 billion investment in the crypto exchange Binance in May 2025. Witkoff announced the deal at a conference in Dubai, calling USD1 the official settlement token for the transaction.

That single deal gave USD1 a boost in credibility. But it also tied much of its supply to one exchange.

A Forbes report from February, based on data from Arkham Intelligence, found that wallets linked to Binance and its customers held close to $4.7 billion in USD1. That made up about 87 percent of the token’s total supply at the time.

Circulation has since dropped below that peak level. World Liberty Financial says it remains above $4 billion today.

The stablecoin is currently available on several exchanges, including Coinbase, Kraken, and Crypto.com.

Regulatory Approval and Political Questions On August 14, the Office of the Comptroller of the Currency gave preliminary conditional approval to World Liberty Trust Company. The application had been filed by WLTC Holdings LLC back in January.

Under the proposed structure, the trust would issue and redeem USD1 tokens. It would also manage reserves and provide custody services, work currently handled by BitGo.

The trust would not offer retail banking services. It would not take deposits, offer checking accounts, or issue loans.

Political scrutiny of the company has grown alongside its business. According to Reuters, a firm connected to the Trump family controls 38 percent of World Liberty Financial’s parent company.

Zach Witkoff is the son of Steve Witkoff, who serves as a Trump envoy and is also an emeritus founder of the crypto company.

The White House has said Trump’s business assets are held in a trust controlled by his children. It has also said Trump is not personally managing World Liberty Financial while in office.

Scrutiny increased further after reports that an investment vehicle called Aryam Investment 1 took a 49 percent stake in World Liberty Financial for $500 million. That vehicle is backed by UAE National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan, who also chairs MGX.

In June, Democratic senators called for hearings into the deal. They want to know whether it played any role in decisions about selling weapons or advanced AI chips to other countries.

The OCC has said foreign investors cannot serve as principal shareholders of the proposed bank. Several investors reportedly signed agreements limiting their control over the bank’s operations to address that requirement.

For now, World Liberty Financial says USD1 remains above the $4 billion mark, and the trust bank application continues moving through the federal approval process.

Aster DEX is putting serious money where its mouth is. The decentralized exchange, working alongside World Liberty Financial, has rolled out a Phase 1 rewards campaign designed to jumpstart trading activity across its newly minted USD1-denominated real-world asset perpetual markets.

The campaign runs from August 31 through December 31, 2026, distributing 125 million WLFI tokens based on eligible open interest and an additional 6.25 million USD1 tied to trading volume. The total liquidity backing the program sits at roughly $28 million, pooled from approximately 250 million WLFI and 12.5 million USD1.

What Aster actually built Before the rewards campaign even kicked off, Aster launched five RWA perpetual markets on August 20, 2026. The lineup includes SPCXUSD1, CLUSD1, XAUUSD1, SNDKUSD1, and SKHYNIXUSD1, all settled exclusively in USD1.

The integration between Aster DEX and World Liberty Financial dates back to December 2025. Phase 1 is explicitly positioned as the first in a series of reward programs meant to build out the USD1 RWA ecosystem over time.

How the rewards work The dual reward structure splits incentives across two behaviors Aster wants to encourage: holding positions and actually trading.

The 125 million WLFI tokens are allocated based on eligible open interest. The 6.25 million USD1 component rewards trading volume, giving active traders an additional reason to route their activity through Aster’s RWA markets.

Traders using single-asset mode with USD1 as their sole collateral qualify for a 2X open interest boost. That effectively doubles the weight of their positions when calculating WLFI rewards. Multi-asset traders can still participate, but they need to keep at least 50% of their collateral in USD1 to remain eligible.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

21h58 ▪ 6 min read ▪ by Fenelon L.

Summarize this article with:

Justin Sun claims to have won a first round against World Liberty Financial. On August 20, a federal judge in California reportedly refused to send all of his claims to private arbitration. This decision comes just days after the conditional green light granted by the OCC to World Liberty Trust Company, which is set to resume issuing the USD1 stablecoin.

In brief According to Justin Sun, Judge James Donato refused to submit all his claims to private arbitration, maintaining his individual claims before the federal court. On August 14, the OCC granted preliminary conditional approval to World Liberty Trust Company, which plans to take over the issuance of USD1 and management of its reserves from BitGo. The fate of claims filed by Blue Anthem and Black Anthem remains to be determined. The written order regarding the August 20 hearing was not yet publicly available at the time of writing. Justin Sun obtains the maintenance of part of the case before the court The standoff between Justin Sun and World Liberty Financial has been going on for several months. The founder of Tron, who bought $45 million worth of WLFI tokens, brought the case before a federal court in San Francisco in April.

This dispute between WLFI and Justin Sun notably concerns the freezing of his tokens and the control powers that World Liberty would have integrated into the WLFI contract.

On June 2, World Liberty Financial asked Judge James Donato to force the plaintiffs to go through arbitration and to suspend the judicial procedure. The hearing on this request took place on August 20.

At its outcome, Sun stated that his personal claims would remain publicly reviewed before the federal court. In other words, World Liberty did not get the transfer of the entire dispute to a private procedure.

This distinction matters. Indeed, arbitration generally allows settling a conflict outside of public hearings and with much more limited visibility on exchanged documents.

However, nothing has yet been decided on the merits. Blue Anthem Limited and Black Anthem Limited, two companies also parties to the complaint, have their own claims. Their treatment remains under discussion. Importantly, the written order from the judge was not yet publicly available at the time of writing this article.

World Liberty prepares in parallel its bank for USD1 The timeline adds another dimension to the case. On August 14, six days before the hearing, the Office of the Comptroller of the Currency granted a preliminary conditional approval to World Liberty Trust Company.

The future national trust bank is to take charge of issuing and redeeming USD1, as well as managing its reserves. It plans to take over these activities from BitGo, which currently serves this role.

But World Liberty Trust cannot start its operations yet. Final authorization depends on meeting several conditions imposed by the OCC.

The bank must notably have at least $20 million in Tier 1 capital. It must also maintain sufficient liquid assets to cover 180 days of operational expenses and notify the regulator before any significant changes to its business model.

The OCC also retains the possibility to modify, suspend, or withdraw its preliminary approval before the official opening of the institution.

Another element in the document deserves attention: World Liberty Trust will neither be able to issue, hold, nor trade WLFI tokens. However, the OCC specifies that World Liberty Financial and the future bank indirectly share some owners.

On paper, a clear boundary is thus drawn between the WLFI token and the banking activities related to USD1.

Previous token freezes fuel questions This separation comes as the control powers exercised over certain assets linked to World Liberty are already at the heart of several conflicts.

In June, World Liberty Financial froze some on-chain addresses associated with HTX as part of a sanctions compliance review. The crypto platform challenged this decision and suspended several pairs involving WLFI and USD1. It also announced the conversion of its users’ USD1 holdings into USDT.

A few months earlier, in September 2025, Justin Sun himself saw a significant portion of his WLFI tokens blocked after movements to exchange platforms. This episode notably led to the current dispute.

The legal battle is not limited to California. World Liberty also sued Justin Sun for defamation and market manipulation in a separate proceeding.

For now, none of these proceedings have concluded on the merits of the accusations.

The next steps should bring more clarity. On one side, Judge Donato’s written order will specify which claims will remain before the court and which might still be subject to arbitration. On the other, World Liberty Trust must meet the OCC’s requirements before obtaining its final authorization.

Two separate cases, but the same underlying question: how far does the control exercised within the World Liberty ecosystem extend, as USD1 is about to enter a federally regulated banking framework reinforced by the American legislation on stablecoins?

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Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

TLDR: World Liberty Financial failed to move Justin Sun’s lawsuit into private arbitration proceedings.  Sun alleges WLFI’s smart contract has a hidden backdoor to freeze or burn token holdings at will.  USD1 stablecoin reportedly shares the same freeze and burn controls Sun alleges exist in WLFI tokens.  Sun questions whether World Liberty holds enough capital to cover a judgment worth hundreds of millions.  World Liberty Financial faced a setback in California federal court after a judge ruled that Justin Sun’s individual claims against the project will stay in open court.

The ruling rejects World Liberty’s push to move the dispute into private arbitration and seal case documents. Sun, an early investor in the project, called the decision a major win for transparency.

Court Sides With Sun on Open Proceedings The California federal court decision addressed World Liberty’s request to force Sun’s claims into confidential arbitration. Sun’s legal team argued the case belongs in public view, and the judge agreed.

World Liberty also asked the court to send company-related claims to arbitration. The judge did not fully grant that request. Instead, the parties were ordered to determine which claims stay in court.

Sun described the outcome as evidence that token holders deserve visibility into how projects treat their investors.

He said World Liberty would not fight so hard to avoid scrutiny if its conduct were defensible. Sun has positioned the ruling as a step toward accountability in the dispute.

Today, my counsel appeared in California federal court to oppose World Liberty Financial's @worldlibertyfi efforts to force our dispute into secret arbitration proceedings and seal documents from public view. 

We argued forcefully that this case belongs in open court—and the…

— H.E. Justin Sun 👨‍🚀 🌞 (@justinsuntron) August 20, 2026

Sun was among World Liberty Financial’s earliest and largest backers, investing $45 million in WLFI tokens. He has said that investment helped push the project’s token sale past $550 million. His lawsuit against World Liberty seeks hundreds of millions of dollars in damages.

Backdoor Allegations Center on Token Control Sun’s complaint alleges World Liberty built hidden backdoor controls into the WLFI smart contract. Those controls reportedly let the team freeze, restrict, or burn any holder’s tokens without notice. Sun claims World Liberty used this power against his own token holdings.

He also alleges he faced threats of criminal referrals after trying to assert his legal rights. Following the filing, Sun obtained a court order blocking World Liberty from destroying his tokens. He said the order was necessary given the alleged threats and technical capability to act on them.

Sun further claims World Liberty built the same backdoor functions into its USD1 stablecoin. He urged USD1 users to understand that their assets could reportedly be frozen or destroyed. He pointed to the alleged treatment of WLFI holders as a warning sign for stablecoin users.

Sun said he is not the only person who believes they were harmed by World Liberty. He noted others have privately described similar concerns but remain hesitant to file suit. He attributed that hesitation to fear of retaliation, which he said the complaint documents.

Financial Stability and Leadership Questions Raised Sun raised concerns about whether World Liberty has enough capital to cover a judgment. He noted USD1’s reported $4 billion market cap represents user collateral, not company funds. That collateral cannot legally be used to satisfy a court judgment, he said.

Public reports cited in the discussion state World Liberty deposited roughly five billion WLFI tokens as collateral. The deposit reportedly went to Dolomite, a lending platform co-founded by World Liberty’s own chief technology officer. Analysts have compared the circular borrowing structure to leverage patterns seen at FTX.

Sun also referenced World Liberty co-founder Chase Herro’s earlier project, Dough Finance. That platform claimed a hack occurred, but an investor lawsuit alleged Herro personally moved the funds. Public reporting indicates most of those assets remain unaccounted for.

Sun said the combination of factors raises doubts about World Liberty’s ability to meet its obligations. He cited his own damages claim, potential claims from others, and the borrowing structure. Sun encouraged investors to conduct independent research before engaging further with the project.

Key Takeaways Table of Contents

WorldClaw collaboration integrates World Liberty’s USD1 stablecoin with AI model marketplace. Nearly half of WorldClaw’s 90 available AI models originate from Chinese technology companies. Multiple Chinese developers on the platform face Pentagon designations and Commerce Department restrictions. World Liberty, with 38% Trump family ownership, generates revenue from USD1 adoption. Partnership creates tension between commercial AI access and US national security policies. A new partnership between World Liberty Financial and WorldClaw, an artificial intelligence aggregator based in Hong Kong, has thrust the Trump-connected cryptocurrency venture into the center of ongoing debates about Chinese technology access. The collaboration enables customers to pay for Chinese and American AI models using World Liberty’s USD1 stablecoin, creating questions about compliance with evolving security frameworks.

USD1 Stablecoin Integration Powers WorldClaw Services The Hong Kong-based WorldClaw platform aggregates approximately 90 different artificial intelligence models for commercial use. According to Reuters analysis, nearly half—43 models specifically—were created by Chinese technology firms such as Alibaba, Baidu, Z.ai, DeepSeek, and Moonshot. American tech giants also contribute models to the platform’s offerings.

World Liberty generates income when users conduct transactions with USD1, as the stablecoin earns returns on the reserve assets backing its one-dollar peg. These reserves typically consist of US Treasury bonds and similar dollar-denominated financial instruments. The Trump family maintains a significant 38% equity position in World Liberty Financial, directly benefiting from cryptocurrency-related revenues.

While WorldClaw operates independently from the Trump family’s crypto enterprise, connections exist through personnel and promotion. Ryan Fang, World Liberty’s growth executive, provides advisory services to WorldClaw focused on USD1 integration and global expansion. Additionally, Donald Trump Jr. and Eric Trump have actively publicized WorldClaw across their social media platforms.

Pentagon and Commerce Department Restrictions Target Model Providers Multiple Chinese technology companies accessible through WorldClaw’s platform currently face official United States government restrictions or enhanced scrutiny. The Department of Defense has formally identified both Alibaba and Baidu as entities with connections to China’s military apparatus. Separately, the Commerce Department added Z.ai to its entity list, citing national security risks.

Federal authorities have additionally accused DeepSeek and Moonshot of unauthorized appropriation of proprietary technology from American artificial intelligence developers. Chinese corporate representatives and government officials have disputed these allegations regarding military ties and technology transfer practices. Nevertheless, the formal restrictions against certain companies remain active.

WorldClaw’s provision of these Chinese AI models appears legally permissible under current regulations, even for American customers. Yet the association with World Liberty Financial creates an apparent contradiction with broader Washington policy objectives targeting sensitive Chinese technology sectors. The current administration has emphasized strategic competition with China specifically in artificial intelligence, semiconductor manufacturing, and emerging technologies.

Cryptocurrency Payment Integration Expands AI Model Distribution WorldClaw’s infrastructure includes WorldRouter, a unified interface enabling customers to access diverse artificial intelligence models through a single service portal. Company statements indicate the platform serves over 10,000 active users while processing millions of computational requests. Future development plans include AI agent functionality capable of autonomous task completion, from email management to restaurant ordering.

Customers selecting USD1 as their payment method create a direct commercial link between the AI marketplace and World Liberty’s stablecoin ecosystem. This integration potentially amplifies USD1 transaction volume while diversifying the stablecoin’s application beyond conventional cryptocurrency exchange activities. Reuters reporting did not identify specific revenue-sharing arrangements or financial terms governing the World Liberty-WorldClaw partnership.

The collaboration consequently positions World Liberty Financial at the intersection of cryptocurrency commerce, international AI model distribution, and ongoing policy disputes regarding Chinese technology access. While no existing statutes prohibit this business arrangement, and WorldClaw characterizes its model aggregation as standard technology practice, the partnership inevitably situates World Liberty within contentious discussions balancing commercial innovation, national security imperatives, and geopolitical technology competition.

Oliver Dale

Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact [email protected]

According to official announcements, HertzFlow, a perpetual contract trading infrastructure project backed by YZi Labs, has officially launched on the BNB Chain mainnet and simultaneously kicked off a one-week Genesis Vault mainnet pre-deposit campaign. Co-hosted by HertzFlow, United Stables (U), and the official team of WLFI ecosystem stablecoin USD1, the campaign allows users to deposit USD1 or U to build the mainnet’s initial liquidity. The USD1 vault has a $4.44 million cap, while the U vault is capped at $8.88 million; both have hard limits and operate on a first-come, first-served basis. Meanwhile, HertzFlow’s mainnet Merit points campaign is also live: liquidity providers who hold their deposits for 90 days will receive a 10x points bonus, and will gain corresponding actual returns once perpetual contract trading opens on August 24. With the mainnet launch and points campaign launching in tandem, HertzFlow aims to expand its perpetual contract trading infrastructure’s liquidity scale via early liquidity incentives and prepare for subsequent trading function rollouts.

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AMBCrypto: Why is WLFI's price up today? USD1 buzz, Binance transfer and more
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USD1's circulating supply expanded 9.7% over the past seven days to $4.85 billion, a 100th-percentile move that pushes the World Liberty Financial-issued stablecoin past Sky's USDS in net weekly inflows.

USD1's circulating supply expanded 9.7% over the past seven days to $4.85 billion, a 100th-percentile move on the World Liberty Financial-issued stablecoin's three-month supply history.

The dollar increase works out to roughly $427 million in new tokens between Monday last week and Sunday, according to DefiLlama's stablecoin tracker. USD1's 30-day change is under 1%, so nearly the entire move happened in the past nine days, after a mid-June low of $4.34 billion. The asset is now the fourth-largest dollar-pegged stablecoin, behind Tether, USDC and Sky's USDS.

USD1 circulating supply, March 25 to June 22, 2026. Trough $4.34B on June 13; peak $4.84B on June 22, a 9.7% seven-day expansion. Source: DefiLlama.Where the Tokens LiveUSD1 circulates across eight chains, with Ethereum carrying $1.99 billion (41%), BSC $1.80 billion (37%) and Solana $1.02 billion (21%). Aptos, Tron, Plume, Monad and Abcore split the remainder. The stablecoin is described by issuer World Liberty Financial as backed by U.S. Treasuries and cash equivalents, with mint and redeem flows handled by authorized institutional partners against custodied reserves. DefiLlama's record for the token lists no public audit attestation.

Two Top-10 Stablecoins Went the Other WayTwo other stablecoins in the same size tier contracted over the same window, while the overall stablecoin market cap was flat at $315.5 billion. Sky's USDS supply dropped 3.5% in seven days to $8.16 billion, shedding roughly $295 million, per DefiLlama. PayPal's PYUSD slipped 1.1% on the week to $2.74 billion and is down 24% over 30 days, a trajectory PayPal has not publicly addressed.

The three coins span the $2 billion to $9 billion supply band and overlap on institutional and payments use cases. USD1 added net supply in the same seven days the other two lost it.

What's Driving the MintTwo recent USD1 distribution channels could plausibly account for new issuance: Aster's announcement that its real-world-asset perpetuals would settle exclusively in USD1, and World Liberty Financial's payout of UFC Freedom 250 prize money in USD1 at the White House earlier this month.

WLFI, the project's governance token, trades at $0.0591 with a $1.88 billion market cap and is down 2.1% on the week, according to DefiLlama's price feed. The rebound is concentrated in the stablecoin, not the governance token.