USD1 Stablecoin Chosen to Close $2 Billion MGX Investment in 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 $2 billion deal with cryptocurrency exchange Binance.

President Donald Trump's second son, Eric Trump, has revealed that the Trump family-backed stablecoin USD1 will be used to close out Abu Dhabi investment firm MGX's $2 billion deal with cryptocurrency exchange Binance.

What Happened: Trump made the announcement at the Token2049 cryptocurrency conference in Dubai, according to a Thursday report by CoinDesk.

The report adds that the deal relates to the $2 billion investment by MGX into Binance, which will give the investment firm a minority stake in the world’s largest cryptocurrency trading platform. It was earlier indicated that the deal would be executed in stablecoins.

At the same event, Eric Trump also announced that USD1 will be integrated with the Tron TRX/USD ecosystem. Interestingly, Tron founder Justin Sun is a leading 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," Trump was quoted as saying.

World Liber co-founder Zach Witkoff, who was also present at the event, stated that the aim was to position USD1 as the go-to stablecoin in both centralized and decentralized finance.

What Else: World Liberty Financial, backed by the Trumps, has been focusing on promoting dollar-backed stablecoins and decentralized finance applications.

Earlier this year, World Liberty launched USD1 on Ethereum and BNB Chain in March, which will be fully backed by U.S. treasuries, cash deposits, and cash equivalents.

World Liberty Financial was launched last year to allow users to borrow, lend, and earn interest on funds through the DeFi route. The project is inspired by President Trump, although a disclaimer states that none of its offerings are political or related to any political campaign.

A Trump-affiliated organization holds a 60% share in the platform’s parent firm, and his son Eric sits on the board.

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