An on-chain tracker identified at least $96 million in USD1 transfers from a Fireblocks custody wallet to Binance between August 20 and 31, including a latest $30 million movement over 15 hours. The flows reinforce Binance’s dominant position in USD1 liquidity: Forbes, citing Arkham Intelligence data, estimated the exchange held about 87% of supply, or roughly $4.7 billion of $5.4 billion, on February 9. USD1 is the fifth-largest stablecoin, with a $4.17 billion market cap and a 4.1% weekly gain, according to DefiLlama. The concentration matters because stablecoin flows can affect traditional currency markets, while disruption at a major exchange could transmit more quickly when liquidity is concentrated there. USD1’s political links include President Donald Trump’s role as a World Liberty Financial co-founder, a reported $57.4 million in venture income, and continuing scrutiny over Binance’s relationship with the project.