Donald Trump's stablecoin USD1 is being used by Abu Dhabi-based MGX to finalize a $2 billion investment in Binance

Abu Dhabi-based investment firm MGX is investing $2 billion in Binance, the world’s largest cryptocurrency exchange, and the funds will be channeled through Donald Trump’s stablecoin, according to WLF’s co-founder Zach Witkoff.

Speaking at the TOKEN2049 conference in Dubai, Witkoff said USD1, the stablecoin developed by Trump’s World Liberty Financial, will be used for the deal with the cryptocurrency exchange.

“We’re very happy to announce that MGX will be investing $2 billion in Binance, and that will be facilitated by USD1,” said Witkoff, whose venture is also backed by Tron founder Justin Sun.

Backed by U.S. Treasuries, dollars, and other cash equivalents, USD1 has quickly grown to $2.1 billion in circulation. The identities of major holders remain unknown, though a single anonymous wallet received $2 billion worth of USD1 between April 16 and 29, according to data from Arkham.

Witkoff also announced that USD1 will be integrated with the Tron blockchain. Sun, a major investor in World Liberty and advisor to the venture, has invested at least $75 million in the firm, according to disclosures. Sun, who joined Eric Trump onstage, moderated the panel.

Despite criticism from ethics experts and political opponents, the Trump Organization maintains that the former president has no involvement in the daily operations of World Liberty or his other crypto ventures.

Thousands of cryptocurrency professionals and enthusiasts have descended upon Dubai for TOKEN2049. The industry has seen better days—market enthusiasm has dampened as global trade tensions and slower-than-expected U.S. regulatory changes have tempered optimism.

After Trump’s election win and pro-crypto pledges, the industry saw a brief rally. But the Trump Organization’s involvement in crypto has drawn scrutiny.

Earlier this year, the former president’s son Eric Trump announced a new real estate project in Dubai that will accept bitcoin payments. The Trump Organization is also planning to launch a new line of coffee and energy drinks that will accept cryptocurrency.

The move comes as Dubai is emerging rapidly as a major global hub for cryptocurrency. Binance, which has faced significant legal challenges in the U.S., is strengthening ties with the United Arab Emirates.

Emirates NBD has introduced crypto trading on its Liv platform and the city’s DMCC free zone, home to over 600 crypto firms, is planning to open a dedicated “crypto tower” in 2027. Despite regulatory uncertainties elsewhere, Dubai remains a highly attractive environment for crypto businesses.