A state-backed investment firm based in Abu Dhabi is poised to invest $2 billion into the cryptocurrency exchange Binance, utilizing USD1, a stablecoin developed by World Liberty Financial, a crypto venture closely associated with the Trump family.
The announcement was made by Zach Witkoff, co-founder of World Liberty Financial, during a cryptocurrency convention held in Dubai, where he was joined by Eric Trump, as reported by ABC News.
“We are thrilled to announce that USD1 has been selected as the official stablecoin for MGX’s $2 billion investment in Binance,” Witkoff stated in a video posted on X (formerly Twitter).
“We extend our gratitude to MGX and Binance for their confidence in us, and I believe this is just the beginning.”
$2B Deal Could Be a Pivotal Moment for Trump-Backed Crypto Venture
This deal is expected to represent a significant milestone for the Trump-backed venture.
World Liberty Financial, which counts Donald Trump and his sons Eric and Don Jr. among its supporters, has faced scrutiny since its inception, particularly in light of the former president’s previous denouncement of cryptocurrencies as a “scam.”
While the project’s business framework remains somewhat unclear, the MGX investment places it at the forefront of one of the largest cryptocurrency transactions of the year.
Ethics experts have expressed concerns regarding the potential conflicts of interest stemming from Trump’s financial connections to the cryptocurrency sector while he maintains a political role.
“The president is taking advantage of loopholes in ethics laws that permit sitting presidents to keep financial interests,” remarked Danielle Brian, executive director of the Project on Government Oversight.
The White House has not provided details on how Trump’s interests in cryptocurrency are managed.
Remember when Republicans lost their minds because Hunter Biden made money from a Ukrainian gas company?
Flash-forward to 2025
An Abu-Dhabi state fund (MGX) is moving $2 billion into Binance exclusively through USD1—the brand-new stablecoin controlled by World Liberty… pic.twitter.com/nf7YhTgIoS
— Ed Krassenstein (@EdKrassen) May 2, 2025
The launch of USD1 was highlighted during a “fireside chat” moderated by crypto figure Justin Sun.
Sun, who has previously faced regulatory scrutiny, became one of the largest backers of World Liberty Financial just a day before Trump’s 2024 inauguration, reportedly acquiring $75 million worth of WLFI, another token issued by the company.
Subsequently, a month later, the SEC dropped a fraud investigation involving Sun, coinciding with the Trump administration’s tenure.
World Liberty Financial to Integrate USD1
Witkoff also announced that World Liberty Financial intends to integrate USD1 natively with the Tron blockchain, established by Sun.
He predicted that the company aims to mint “hundreds of millions to billions of dollars” worth of USD1, branding it as “the most transparent, the most regulated stablecoin in the world,” which will be backed one-to-one by short-term treasuries and cash equivalents.
Recently, the Trump Organization disclosed plans to start accepting cryptocurrency payments for property transactions at its $1 billion luxury tower in Dubai, signaling a deeper commitment to digital assets and the high-end real estate market in the Gulf region.
The Trump International Hotel and Tower in Dubai, unveiled earlier this year, represents the latest collaboration between the Trump family and UAE-based Damac Properties.
Additionally, Trump Media & Technology Group (TMTG), the parent company of Truth Social, is considering the launch of a utility token and a digital wallet as part of its expansion plans for the streaming platform, Truth+.
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