Abu Dhabi firm uses Trump-linked stablecoin for $2 billion Binance deal

Trump-linked stablecoin USD1 selected for $2B Binance investment by Abu Dhabi firm MGX.
USD1s rapid rise: Stablecoin backed by U.S. Treasuries hits $2.1B in circulation.
Justin Suns Tron to integrate USD1 as Trump allies expand crypto footprint.

In a major development highlighting the rising influence of Trump-linked cryptocurrency ventures, a stablecoin issued by World Liberty Financiala crypto startup tied to Donald Trumpis being used in a $2 billion investment deal involving crypto exchange Binance.

The announcement was made at the TOKEN2049 conference in Dubai on Thursday by World Liberty co-founder Zach Witkoff.

Witkoff confirmed that USD1, the stablecoin launched by World Liberty Financial, has been selected as the official digital currency to close the high-profile investment by MGX, an Abu Dhabi-backed investment firm, into Binance, the worlds largest cryptocurrency exchange by trading volume.

We are excited to announce today that USD1 has been selected as the official stablecoin to close MGXs $2 billion investment in Binance, said Witkoff, who is the son of real estate mogul and former Trump ambassador Steve Witkoff.

Launched in March, USD1 is a dollar-pegged stablecoin backed by US Treasuries, cash, and other liquid assets.

The coin is issued on Binances own blockchain and aims to support financial inclusion by reducing reliance on traditional banks.

The use of USD1 in such a massive investment underscores World Liberty Financials growing role in the global crypto ecosystem.

According to CoinMarketCap, USD1s circulating value hit approximately $2.1 billion as of Wednesday, making it one of the fastest-growing stablecoins on the market.

However, the identity of its top holders remains unknown.

Blockchain analysis firm Arkham reported that a single anonymous wallet received $2 billion worth of USD1 between April 16 and 29, though ownership of the wallet could not be independently verified.

The deal also hints at close ties between World Liberty and Binance.

A recent social media post showed Binance founder and former CEO Changpeng Zhao meeting with Zach Witkoff and other World Liberty executives in Abu Dhabi.

Zhao, who stepped down from Binance in 2023 following a $4.3 billion settlement with US authorities over anti-money laundering violations, remains a significant shareholder in the exchange.

In a related announcement, Witkoff revealed that USD1 would soon be integrated into the Tron blockchain, founded by Hong Kong-based crypto entrepreneur Justin Sun.

Sun, a known investor in World Liberty Financial, has reportedly committed at least $75 million to the venture.

He is also facing a US securities fraud lawsuit, which the SEC temporarily paused in February, citing public interest.

Notably, Sun moderated the panel in Dubai where Witkoff made the announcements.

Eric Trump, Donald Trumps son, also shared the stage, reinforcing the Trump familys growing visibility in the crypto space.

The post Abu Dhabi firm uses Trump-linked stablecoin for $2 billion Binance deal appeared first on CoinJournal.

Text source: CoinJournal: Home

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