Changpeng “CZ” Zhao pushed back against claims that Binance dominates the USD1 stablecoin, addressing the issue this week on his official X account. Zhao said the narrative misrepresents how USD1 supply and distribution actually function, and stressed that control does not sit with a single venue.
Binance (users) hold the largest % of most stablecoins (USDT, USDC, USD1, U … you name it) compared to all other CEXs. Not news.
— CZ
BNB (@cz_binance) February 10, 2026
In his statement, Zhao argued that USD1 issuance and circulation are broader than critics suggest, noting that balances move across multiple platforms and wallets rather than remaining concentrated on Binance. He framed the criticism as a misunderstanding of onchain data and market structure, emphasizing that liquidity aggregation does not equal centralized control. The response comes amid heightened scrutiny of stablecoin governance and market concentration.
The discussion matters for traders, issuers, and regulators assessing systemic risk in dollar-pegged tokens. If USD1 is perceived as overly centralized, it could face reputational pressure or tighter oversight. Zhao’s comments aim to reassure users that market dynamics, not unilateral decisions by Binance, drive distribution and usage.
Source: CZ Binance (X).
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