CZ shares rumors linking Coinbase to Bloomberg’s Trump stablecoin report, adding tension b/w crypto giants as CZ seeks presidential pardon.
Author: Akshat Thakur
July 14, 2025 — Binance founder Changpeng “CZ” Zhao has amplified rumors that Coinbase may have been the anonymous source behind Bloomberg’s recent article targeting Trump’s USD1 stablecoin and Binance.
The claim adds new fuel to growing tensions between major crypto players amid rising political scrutiny.
The rumor originated from crypto influencer Matt Wallace, who accused Coinbase of trying to sabotage Binance by feeding information to Bloomberg. Wallace suggested Coinbase feared Zhao’s possible pardon and Binance’s return to the US would threaten their dominant position.
Wallace also criticized the reported attack on Trump’s crypto project, World Liberty Financial, calling it “anti-American.” CZ retweeted the post without confirming or denying its contents.
Bloomberg’s article claimed Binance helped develop USD1, a stablecoin used in a $2 billion deal tied to a UAE sovereign fund. It also reported that Zhao had applied for a presidential pardon shortly after the transaction.
In response, CZ dismissed the article as a competitor-funded “hit piece,” calling it riddled with “factual errors.” He hinted at taking legal action, stating, “Might have to sue them again for defamation.”
After pleading guilty in 2023 and serving a four-month sentence, CZ is seeking a pardon from Donald Trump. A successful pardon could allow him to resume a leadership role in the US crypto space, something seen as a potential threat to Coinbase.
Since his release, Zhao has remained active in the global crypto scene. He has signed MOUs with regulators in Kyrgyzstan and Pakistan, offering guidance on digital asset policy and adoption.
Despite regulatory setbacks, Binance continues to dominate globally.
These figures underline why a Binance return, under CZ’s leadership, could reignite fierce competition with Coinbase in the US market.
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