Fireblocks wallet sends $30M USD1 to Binance as stablecoin deposits persist

A Solana wallet labeled as Fireblocks Custody transferred 30 million USD1 to Binance over a 15-hour period, according to an Aug. 31 report from blockchain tracker Onchain Lens. The tokens had a nominal value of $30 million because USD1 is designed to track the U.S. dollar.

Onchain Lens identified the sending address as 9Rycov3U4efJf5HiqZYGjN7qJJHEtMsj4vbmkG4xfCxk. The tracker described the address as Fireblocks Custody and the receiving destination as Binance. Those labels are blockchain-analytics attributions rather than identities recorded directly inside Solana transactions.

The same address previously transferred 28 million USD1 to Binance through three transactions over 21 hours, according to an earlier Onchain Lens update. A subsequent report said the wallet had deposited 66 million USD1 into Binance over one week after sending another 10 million tokens. If the periods do not overlap, the cited movements would represent approximately 96 million USD1 sent to Binance. However, Onchain Lens did not provide a complete transaction inventory in its latest post, so the combined figure should be treated cautiously.

Neither Fireblocks, Binance nor USD1 developer World Liberty Financial had publicly identified the beneficial owner or explained the transfers when the latest movement was reported. Onchain data verifies that tokens moved between addresses. It cannot, by itself, establish who beneficially owned the assets or whether the transfer represented a sale, market-making activity, customer withdrawal, treasury operation or internal exchange movement.

USD1's existing Binance ties

USD1 is a dollar-pegged stablecoin associated with World Liberty Financial, the crypto business linked to U.S. President Donald Trump and members of his family. World Liberty's official documentation lists USD1 deployments across several blockchains. The Solana token address begins with USD1ttGY1N17, matching the asset identified in the transfer report.

USD1 already has substantial links to Binance. Abu Dhabi-backed investment company MGX used $2 billion of the stablecoin to settle an investment in the exchange during 2025. Binance-controlled wallets and customer accounts held nearly 87% of USD1's supply at one stage. Such concentration can reflect exchange customer holdings, institutional settlement balances and Binance's own operational wallets.

Sending a volatile cryptocurrency to an exchange can indicate possible selling. That interpretation is less direct for a stablecoin because dollar-pegged assets commonly move to exchanges as trading collateral, settlement funds or quote-currency liquidity. Binance offers USD1 trading pairs, including a SOL/USD1 market. Deposits could therefore support customer trading, market-making or liquidity management.

World Liberty says USD1 circulation has exceeded $4 billion. CEO Zach Witkoff attributed its expansion to institutional demand. That remains a company explanation rather than proof of the purpose behind these transfers. World Liberty also received preliminary conditional approval to establish a national trust bank that could eventually issue and redeem USD1. The institution cannot open until it satisfies the OCC's conditions.

Further wallet movements, changes in Binance balances or statements from the involved companies could clarify the deposits. No verified price movement in USD1, WLFI or another asset was directly attributable to the reported transfer.

This article is for informational purposes only and does not constitute investment advice.