Eric Trump's USD1 stablecoin chosen to close Abu Dhabi firm MGX's $2 billion deal with Binance

Eric Trump, the executive vice president of The Trump Organization, said that the Trump family-backed stablecoin USD1 has been chosen to close Abu Dhabi investment firm MGX's $200 million deal with cryptocurrency exchange Binance.

Eric Trump, executive vice president of The Trump Organization, has revealed that the Trump family-backed stablecoin USD1 has been selected to close Abu Dhabi investment firm MGX's $2 billion deal with cryptocurrency exchange Binance.

What Happened: President Donald Trump's second son made the announcement at the Token2049 cryptocurrency conference in Dubai, according to CoinDesk.

The deal concerns MGX's $2 billion investment into Binance, which provides the firm with a minority stake in the world's largest cryptocurrency trading platform. It was previously hinted that the deal would be executed in stablecoins.

At the event, Eric Trump also announced that USD1 will be integrated with the Tron TRX/USD ecosystem. Notably, Tron creator Justin Sun is a primary investor and advisor at World Liberty Financial, the decentralized finance platform behind the stablecoin.

"USD1 will become one of the most transparent and regulated stablecoins in the world," said Eric Trump.

World Liber co-founder Zach Witkoff, also present at the Token2049 conference, expressed the aim to position USD1 as the preferred stablecoin within both centralized and decentralized finance.

"We're going to go out there and make it the best stablecoin, and we're going to get it listed on every exchange in both DeFi and CeFi."

The project is backed by the Trumps and focuses on promoting dollar-backed stablecoins and decentralized finance applications.

Earlier this year, the group launched USD1 on Ethereum and BNB Chain, designed to be fully backed by U.S. treasuries, cash deposits, and cash equivalents.

World Liberty Financial was introduced last year as a platform for users to borrow, lend, and earn interest on funds through the DeFi route.

The project's website disclaimer mentions that none of its offerings are political or related to any political campaign. However, a Trump-affiliated organization holds a 60% share in the platform's parent firm, and Eric Trump serves on the board.