Eric Trump Announces His Family's Stablecoin, $USD1, Will Be Used for MGX's $2 Billion Investment in Binance

Speaking at today's Token2049 in Dubai, Eric Trump announced that his family's dollar-pegged stablecoin—$USD1—developed by the DeFi platform World Liberty Financial, will be used for MGX's $2 billion investment in Binance.

Eric Trump, son of former U.S. president Donald Trump, announced today at Token2049 in Dubai that his family’s dollar-pegged stablecoin will be used for a $2 billion investment in Binance.

The DeFi platform World Liberty Financial (WLFI) developed the stablecoin, named $USD1. The Abu Dhabi-based AI and advanced technology investment fund MGX is making the investment. It’s also the largest single institutional investment in a crypto company to date.

"We are pleased to announce that MGX will be investing $2 billion in Binance in the coming weeks," said Ming Xiang, CEO of MGX. "This investment underscores our commitment to supporting blockchain's transformative impact on global finance."

MGX's investment will be made entirely in $USD1 stablecoin. The fund is venturing into the AI-powered blockchain market with the goal of leveraging its position as a minority shareholder in Binance to drive innovation at the intersection of AI, finance, and blockchain.

"We believe that Binance is a leading force in the cryptocurrency industry, and we are excited to partner with them to explore new possibilities for the future of finance," added Xiang.

Earlier today, rumors circulated about the possibility of Donald Trump's involvement in a new crypto project. These rumors stemmed from a post on X (formerly Twitter) by a user named "The American Dream," who claimed to be working on a project with Trump that would revolutionize the industry.

In response to these rumors, Eric Trump himself confirmed that his family is indeed launching a new stablecoin project. He made the announcement during his speech at Token2049, where he also discussed the project's integration with TRON.

"We are excited to announce that $USD1 stablecoin will soon be integrated with the TRON blockchain," said Eric Trump. "This partnership will open up new opportunities for both projects and bring the benefits of stablecoins to an even wider audience."

The integration of $USD1 with TRON is a natural progression for both projects. TRON is a leading decentralized blockchain network known for its high throughput and scalability, while $USD1 provides a stable and reliable digital currency. Together, they can create a seamless and efficient ecosystem for users and businesses.

Earlier this year, Justin Sun, founder of TRON and WLFI advisor, invested $30 million into the project. This investment is a testament to the potential that TRON and WLFI see in each other's projects.

As the dust settles on one of the biggest single institutional investments in a crypto company, attention turns to the rapid price reactions seen in both BNB and USD1.

Following a stellar performance by BNB throughout the year 2023, the token saw a 1.7% daily price increase during its peak at $604.

However, at the time of writing, BNB is currently trading at $600, displaying a 0.67% decrease over the past 24 hours, according to crypto market tracking platform CoinMarketCap.

Meanwhile, USD1 saw its market capitalization jump by 1436.23%, going from $138 million a couple of hours prior to the current $2.12 billion market cap, according to data from Token Terminal.

This integration is expected to bring new levels of stability and utility to the crypto ecosystem.

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Speaking at today’s Token2049 in Dubai, Eric Trump announced that his family’s dollar-pegged stablecoin—$USD1—developed by the DeFi platform World Liberty Financial, will be used for MGX’s $2 billion investment in Binance.

This development is especially significant because it gives USD1, a still ‘infant’ stablecoin, a reliable use case as a financial vehicle.

JUST IN: 🇺🇸🇦🇪 Eric Trump announces World Liberty Financial's stablecoin, $USD1, will be used for MGX's $2 billion investment in Binance.

The Abu Dhabi-based AI and advanced technology investment fund is making the largest single institutional investment in a crypto company to date.

MGX is venturing into the AI-powered blockchain market with the goal of leveraging its position as a minority shareholder in Binance to drive innovation at the intersection of AI, finance, and blockchain.

"We are pleased to announce that MGX will be investing $2 billion in Binance in the coming weeks," said Ming Xiang, CEO of MGX.

This investment will be made entirely in $USD1 stablecoin. The fund's investment is also the largest single institutional investment in a crypto company to date.

Earlier today, rumors circulated about the possibility of Donald Trump's involvement in a new crypto project. These rumors stemmed from a post on X (formerly Twitter) by a user named "The American Dream," who claimed to be working on a project with Trump that would revolutionize the industry.

In response to these rumors, Eric