 Title image source: "Water Margin (1998)"

In 298 BC, Lord Pingyuan of Zhao State had 3,000 retainers. Mao Sui alone was able to debate with many scholars in the court of Chu State and win a chance for the survival of Zhao State.

More than two thousand years later, on September 1, 2025, a token called WLFI was launched on a global trading platform. A trans-Pacific Chinese capital network is supporting the digital empire of the American presidential family.

Behind this project, valued at $40 billion, stands a group of modern-day "hangers." There's a Chinese billionaire who invested $75 million, a trading platform founder seeking a presidential pardon, a stablecoin expert deeply rooted in the Asian market, and an Eastern power said to be capable of "booming the Trump family's fortunes, but also plunging them into poverty overnight if they overstep their bounds."

As the wealth of American political families becomes deeply intertwined with Eastern capital, and as China influences the global encryption landscape through the Hong Kong market, a new geopolitical game is unfolding.

Binance, the hub of the Chinese network

To understand the influence of Chinese people in the WLFI project, we must start with Binance, the world's largest cryptocurrency exchange. This trading platform, founded by Chinese people, has now become the nerve center of the entire Chinese crypto network.

Binance accounts for approximately 30% of global cryptocurrency trading volume, with an average daily turnover exceeding $20 billion. Its penetration rate in the Asian market exceeds 60%, meaning that most capital flows pass through its system. This control has given Binance a near-monopoly position within the Chinese online community.

Binance founder Changpeng Zhao (CZ) was sentenced to four months in prison for anti-money laundering violations. According to sources familiar with the matter, CZ is seeking a pardon from Trump through various channels. This rumor is not unfounded. During his first term, Trump granted clemency to several financial criminals, including his former campaign manager Paul Manafort.

For CZ, a four-month sentence is not long, but for a business empire that controls hundreds of billions of dollars in assets, whether the founder is free is related to the stability of the entire system.

On March 13, 2025, the Wall Street Journal reported that the Trump family was in talks to acquire a significant stake in Binance.US, a claim strongly denied by CZ. Bloomberg subsequently published an article stating that they were confident some of the information was sourced reliably, citing four anonymous sources with inside knowledge of the matter, including a statement about the upcoming collaboration between the two parties to launch a stablecoin, the USD1 we now know as USD.

Despite strong denials from both parties, USD1’s interaction with Binance still reflects the close relationship between the two.

At the end of April, WLFI and CZ’s official social media accounts released photos of WLFI’s three co-founders meeting with CZ in Abu Dhabi, saying that the discussions included how to expand global adoption, develop new standards, and push cryptocurrencies to new levels.

In early May, Eric Trump, the second son of President Donald Trump, revealed at the Token2049 event that Abu Dhabi investment company MGX had invested $2 billion in Binance, paid for in the USD1 stablecoin. While this amount would typically be quickly converted to US dollars, Binance retained $1.9 billion of it in its own address, becoming the largest holder of USD1, holding 92.8% of the total circulating supply.

This operation directly inflated USD1's market capitalization from $130 million to $2.1 billion. Excluding this capital injection, the actual circulating supply of USD1 is only around $100 million. These seemingly inflated figures are a key support for WLFI's $40 billion valuation. While this type of price inflation might constitute market manipulation in traditional financial markets, it has become a common practice in the relatively laxly regulated cryptocurrency sector.

That same month, WLFI officially released a tweet, publicly announcing its support for the Binance BNB Chain ecosystem's cultural mascot meme token, $B (BUILDon), and purchasing approximately $25,000 worth of $B. The news sent shockwaves through the market, sending the token's price soaring, reaching a market capitalization of over $300 million.

WLFI's public endorsement of $B is more than just a small investment. For Binance, the meme coin serves as both an amplifier of community sentiment and a natural gateway for traffic. The attention generated by the hype surrounding $B quickly feeds back into the narrative surrounding USD1. It's no longer just a newly launched stablecoin; it's been packaged into a larger story of "ecosystem expansion" and "community building."

Within this system, Binance is employing a familiar tactic, tying the promotion of its stablecoin to the frenzy of the meme market. First, it uses the meme coin to attract attention, then embeds USD1 as a "base currency." Hype becomes a strategy, and hype becomes a tool for market education. As a result, USD1's ecosystem promotion has quickly garnered a buzz far exceeding its actual size.

The gathering of Chinese retainers

Beyond Binance, a core group of technology projects are also present. Their collaboration with WLFI has further strengthened the connections within the entire ecosystem. These seemingly independent companies actually form a sophisticated network of Chinese capital.

Ryan Fang: The only Chinese person in the current team and Binance's most trusted project operator

Ryan Fang holds a key position within WLFI's Chinese technical network and is the only Chinese member of the current team. Ankr is also recognized within the industry as a "Binance affiliate." In addition to its BSC node and liquidity staking services, well-known BSC (now BNBChain) ecosystem projects such as BounceBit, Auction, and Neura are all from the Ankr team.

Ryan is the co-founder and COO of Ankr and also co-founded PrimeBlock and Tomo. He spent his early career at Morgan Stanley and later in private equity, gaining experience in traditional finance. This background has enabled him to more quickly grasp the integration of capital and technology in the blockchain world.

As a leading global blockchain infrastructure service provider, Ankr provides RPC nodes and cross-chain tools for multiple projects, including Binance's BSC chain. USD1's circulation relies on these nodes for transfer confirmation and network stability. Through Ankr's cross-chain services, USD1 can be freely transferred across multiple chains, including Ethereum, BNB Chain, and Polygon.

Ankr plays another role within WLFI. Its Liquid Staking product allows USD1 to be staked and generate returns, transforming the token from a simple payment tool into an asset with financial attributes. While users earn returns, they also contribute liquidity to the entire ecosystem.

Ankr already serves over 8,000 blockchain projects. These existing customer relationships form a natural channel for USD1's expansion. Stablecoins seeking to enter new use cases can leverage Ankr's network for distribution.

As a modern-day “doorman,” Ryan Fang embedded a newly issued stablecoin into the daily operations of the global crypto market through infrastructure.

Rich Teo: The Foxconn Factory in Charge of Stablecoins

Paxos co-founder Richmond Teo is also involved in the WLFI project.

Paxos was once Binance's most important stablecoin partner. Its BUSD was once Binance's primary stablecoin, with a market capitalization exceeding $20 billion at one point.

During 2022, Paxos briefly became the world's leading stablecoin issuer and technology provider. Its co-founder, Rich Teo, had a close personal relationship with Binance CEO CZ, and the rumor circulated within the crypto community at the time, prompting CZ to make a rare post on WeChat Moments to refute the rumors.

By 2023, US regulators required Paxos to stop issuing BUSD, and the company suddenly fell from prominence, entering a long period of silence. The industry generally believed that Paxos had lost its competitiveness.

Of course, with the advancement of stablecoin legislation in the United States, Paxos has once again become one of the teams that have benefited from regulatory dividends. Stablecoins such as PayPal's PYUSD and DBS Bank's USDG are all issued by Paxos.

Teo, who oversaw Asian market operations at Paxos, is deeply familiar with the regulatory compliance path for stablecoins under various regulatory regimes. The suspension of BUSD was a significant blow to him, but it also forced him to gain experience in navigating regulatory and market contraction. This experience is particularly crucial for WLFI. The issuance and circulation of USD1 also face regulatory uncertainty.

Teo's arrival is more than just a personal comeback; it also signals Paxos's attempt to re-enter the stablecoin market through WLFI. This relationship has made USD1 more accessible to the market and reinforced Binance's trust in WLFI. For the entire Chinese network, Teo's addition represents a crucial step forward in compliance and regulatory oversight.

DWF Labs: A key liquidity provider

In WLFI's Chinese network, DWF Labs is a key liquidity provider.

The company is headquartered in the UAE and has grown into one of the world's largest high-frequency cryptocurrency trading entities in three years, managing more than US$2 billion in assets and providing market making for hundreds of projects, many of which have developed into leading projects with a market value of more than US$1 billion.

DWF Labs holds a prominent position within the BNB Chain ecosystem. Maintaining a close relationship with Binance, DWF Labs not only plays a core role in providing liquidity support for on-chain projects but also directly participates in ecosystem development. As a top-tier market maker, DWF Labs collaborates with major global exchanges, enabling them to secure listings for new projects and provide support in addressing regulatory challenges.

For WLFI, DWF Labs' involvement is more than just a passing mention. With a $25 million investment, representing a significant portion of Chinese capital, DWF Labs is poised to become WLFI's official market maker, responsible for maintaining price stability and market liquidity. This role will deeply bind DWF Labs to WLFI and establish a direct connection to the Trump family's digital asset initiative.

In addition, the DeFi project Falcon Finance initiated by it also received token investment from WFLI and was the first to accept USD1 as the collateral asset of the agreement.

Justin Sun’s “Critical Rescue”

In this Chinese network, Justin Sun played a key role as a "firefighter." In October 2024, when the WLFI project's sales were dismal, raising only $2.7 million and looking on the verge of collapse, Sun's investment came as a godsend, saving the project from failure.

The timing of this investment was breathtakingly precise. It occurred three weeks after Trump's election victory, at a crucial moment when the global crypto market was reeling from policy optimism. Bitcoin prices surged from $70,000 to $100,000, and the entire crypto market's market capitalization increased by over $1 trillion.

As the founder of TRON, Sun is well aware of the political value of this investment. TRON is the world's third-largest blockchain network, behind Ethereum and BNB Chain, with over 200 million users and $100 billion in on-chain assets.

Justin Sun has a close relationship with Binance founder Changpeng Zhao (CZ). Sun publicly calls CZ a "mentor and friend," and their friendship transcends mere business cooperation. When CZ faced legal trouble for anti-money laundering violations, Sun was one of the few industry leaders to publicly express his support, a public endorsement that garnered widespread attention within the industry. This mutually supportive relationship has given Sun significant influence in his investment decisions within the Chinese community.

The Trump family's stake in the WLFI project is approximately $400 million, representing approximately 40% of their total wealth. This highly concentrated investment strategy has intensified the Trump family's drive for project success.

Sun subsequently became an advisor to WLFI and publicly emphasized financial freedom and the role of USD1 with Eric Trump. More importantly, he invested an additional $45 million, bringing his total to $75 million, further entwining his interests with WLFI.

Eric Trump's "pilgrimage" to Hong Kong: WLFI's strategic chess game

August 29, 2025, Hong Kong Convention and Exhibition Centre.

At the BitcoinAsia conference's main venue, cryptocurrency investors from across Asia gathered. Eric Trump took the stage to enthusiastic applause. The US president's son thanked Hong Kong for the warm welcome, describing the atmosphere as "like a rock concert."

He explained to the audience that the Trump family entered the Bitcoin field in part because they were "debanked" by traditional financial institutions, which allowed them to find allies in the cryptocurrency community.

Eric Trump expressed strong bullishness on Bitcoin, confidently predicting that the price of Bitcoin will reach $1 million, and possibly even higher. He advised viewers to buy now and hold for the long term, treating volatility as a friend.

Behind WLFI, there is a bigger strategic chess game.

As an international financial center, Hong Kong has established a relatively comprehensive cryptocurrency regulatory framework and licensed trading system. A large amount of Asian capital enters the global market through Hong Kong, and the flow of this capital is sufficient to influence prices.

The Trump family has staked nearly half of its wealth on cryptocurrencies, effectively handing over its fate to a market it cannot fully control. The distribution of on-chain addresses shows a high proportion of holdings by Asian investors, with Hong Kong and Singapore being particularly prominent.

This shift in power is also reflected at the policy level. The Trump administration has demonstrated unusual caution in its approach to China: the 60% tariffs promised during the campaign have not materialized. Regarding crypto regulation, new SEC Chairman Paul Atkins has stated a more open stance toward projects from Asia. The US Treasury has also lifted sanctions on several Chinese crypto companies, leaving room for cooperation.

From Justin Sun’s $75 million investment to Binance’s platform support; from Paxos’ compliance and technology to DWF Labs’ market services; from Ryan Fang’s infrastructure layout to the convergence of Hong Kong capital, we can see that a Chinese network across the Pacific is providing support to the American presidential family in the form of “digital doormen.”

The characteristics of this retainer network remain the same as they did two thousand years ago: some provide money, some labor, and some offer technology and access. The difference is that today's stage is no longer the Chu court, but the on-chain market. The emergence of digital retainers signifies that Chinese capital and technology occupy a significant position in the new power structure.

At the Hong Kong event, Eric Trump's comments on China were particularly striking. He said that China and the United States may understand digital currencies better than any other country in the world. He called China "a powerful force" in the development of cryptocurrencies.

In this historic moment, we are witnessing new rules in the game of power. As the son of the US president stood at a podium in Hong Kong, paying tribute to Asian investors and praising China's strength in the digital currency sector, traditional geopolitical boundaries are being redefined.

Chinese capital and technology are no longer just peripheral sources of funding, but have become "digital guests" that have entered the core and play a substantial role in this transnational game.

The applause from the audience lasted for a long time. The wheel of history rolled forward, and we were witnessing the beginning of a new era.

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