In a shocking twist of events, Coinbase has come forward to deny any involvement in a recent Bloomberg report linking Binance to a USD1 stablecoin project. The report, which has been causing quite a stir in the crypto world, suggested that Binance had a hand in developing the stablecoin, which is somehow connected to the one and only Donald Trump.
Coinbase’s chief legal officer, Paul Grewal, took to Twitter to set the record straight, calling the rumor “pure misinformation” and insisting that the company had nothing to do with the story. He also added that Coinbase doesn’t attack competitors and supports any business that helps grow the crypto industry. You know, because they’re just such nice guys.
Sorry— this is pure misinformation. We absolutely did not contribute to this story.
We don’t attack competitors, and we welcome any businesses that share our goal of growing the crypto pie.
You should keep looking for an actual source.
— paulgrewal.eth (@iampaulgrewal) July 13, 2025
This denial comes after crypto influencer Matt Wallace accused Coinbase of being the anonymous source behind the Bloomberg report. Wallace claimed that Coinbase was motivated by fears that Binance, currently restricted from operating fully in the U.S., could regain market access if Trump pardons its former CEO, Changpeng Zhao. This, according to Wallace, could threaten Coinbase’s market share. Zhao, or CZ as he’s known in the crypto world, reposted Wallace’s post without any comment, further fueling speculation.
The Bloomberg article reported that Binance helped develop the USD1 stablecoin issued by Trump-linked World Liberty Financial by writing its smart contract. It also said the token was used in a $2 billion investment in Binance by a UAE-based investment fund, and that more than 90% of USD1 remains in Binance wallets. The report also noted that Zhao is seeking a pardon after pleading guilty in 2023 to violating anti-money-laundering laws. Zhao dismissed the article as “FUD” and claimed it was “sponsored by a competitor,” accusing Bloomberg of publishing factual errors. He suggested he might sue for defamation, as he did in a prior dispute with the outlet in 2024.
4. FUD. Bloomberg just wrote another hit piece (sponsored by a competitor) containing so many factual errors I don’t even know where to begin.
Might have to sue them again for defamation.
— CZ 🔶 BNB (@cz_binance) July 11, 2025
Neither World Liberty Finacial nor the White House responded to questions from Bloomberg. While the report cited unnamed sources and blockchain data, it offered no indication that Coinbase was involved.
So there you have it, folks. Coinbase is not the sneaky source behind the Binance stablecoin scandal. But hey, who knows what other juicy secrets are hiding in the dark corners of the crypto world? Stay tuned for more exciting revelations! 🕵️♂️💸
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2025-07-14 10:43