Speculation Surrounding Coinbase and Bloomberg’s Trump Stablecoin Report
Binance founder Changpeng ‘CZ’ Zhao recently shared a tweet that has sparked discussions across the crypto community. The tweet, originally posted by crypto commentator Matt Wallace, alleges that Coinbase was the anonymous source behind a Bloomberg report targeting former President Donald Trump‘s crypto project, World Liberty Financial, and Binance itself. This development raises questions about the competitive dynamics within the cryptocurrency exchange market.
The Allegations and Their Implications
According to Wallace, Coinbase executives might be concerned about the potential return of Binance to the US market, especially if Zhao receives a presidential pardon. Such a scenario could threaten Coinbase‘s market share, prompting what Wallace describes as anti-competitive behavior. Zhao’s decision to repost these allegations without comment adds another layer of intrigue to the situation.
Bloomberg’s Report and Zhao’s Response
Bloomberg‘s report not only implicated Binance in the development of a stablecoin linked to Trump but also suggested that Zhao sought a presidential pardon following a significant financial deal involving the stablecoin USD1. Zhao has vehemently denied these claims, labeling the report as a ‘hit piece’ filled with factual errors and hinting at possible legal action for defamation.
Zhao’s Post-Release Activities
Since his release, Zhao has been actively involved in advisory roles, particularly in Kyrgyzstan and Pakistan, where he is contributing to the development of blockchain and crypto-related regulations. These activities highlight his ongoing influence in the global crypto landscape, despite the legal challenges he faces in the United States.
