Eric Trump introduced that World Liberty Monetary’s dollar-backed stablecoin (USD1) will formally be the official stablecoin used to shut MGX’s $2 billion investment in Binance. He additionally mentioned USD1 will combine with the Tron community backed by billionaire Justin Solar.
Throughout the Token2049 in Dubai, Trump announced that the WLF USD stablecoin (USD1) was chosen because the official stablecoin for MGX’s $2 billion investment in Binance. Zach Witkoff, the Co-founder of World Liberty Monetary, teased extra future partnerships for the DeFi protocol, including that the platform aimed to ascertain USD1 as the popular stablecoin within the DeFi and CeFi ecosystem, and the WLF group was working actually arduous on getting integrations into conventional retail level of sale techniques.
Trump says MGX will use USD1 to finish Binance investment
JUST IN: 🇺🇸🇦🇪 Eric Trump proclaims World Liberty Monetary’s stablecoin, $USD1, will be used for MGX’s $2 billion investment in Binance. pic.twitter.com/WUUvBQkY5y
— MrRebel.eth (@rebelethpromos) May 1, 2025
Trump disclosed that Abu Dhabi’s MGX will use the USD1 stablecoin to settle a $2 billion investment into Binance in one in every of crypto’s largest funding offers, marking the investment agency’s first enterprise into the crypto area.
The President’s son identified that the world was on the dialogue part of the ‘crypto revolution,’ the individuals who had been going to make it large had been those that noticed it at this time, ‘not in 5 years when half the explosive development has occurred’. He additionally criticized the inefficiencies and restricted working hours of the normal monetary system, calling all of it a joke.
Trump talked about that sending funds internationally by means of SWIFT was sluggish, expensive, and sophisticated, emphasizing that crypto [almost] made banks redundant.
An evaluation report revealed by Statrys mentioned the typical transaction time on the SWIFT fee community was 20 hours and 7 minutes. Moreover, 75% of SWIFT transactions contain one or two middleman banks, which means that these common 1 day and 11 hours to settle. Nevertheless, a USDT or USDC stablecoin transaction on Ethereum settles inside two to 5 minutes.
“USD1 will grow to be one of the vital clear and controlled stablecoins on this planet…not solely can we need to create a product in our secure level USD, one that may be despatched throughout borders in a really seamless approach, however transparency and admittedly, client security is paramount…”
-Eric Trump, Son of President Donald Trump
Witkoff additionally mentioned the platform aimed to deal with the gaps that existed within the conventional monetary system, together with a scarcity of transparency, accessibility, and inefficiency in cross-border funds. In keeping with Witkoff, the corporate’s purpose was to democratize entry to the monetary system and bridge decentralized finance with conventional finance.
Binance says the MGX deal was a significant milestone for the alternate
In keeping with Binance, the MGX deal was the primary institutional investment in Binance to this point, the one largest investment right into a crypto firm, and the most important investment ever absolutely paid in crypto.
Binance CEO Richard Teng additionally mentioned the alternate’s ongoing investments in safety and compliance bolstered the corporate’s mission to assist a safe and trusted digital monetary ecosystem. He added that the investment by MGX was a notable milestone for the crypto trade and Binance was working with regulators worldwide to ascertain clear, accountable, and forward-thinking insurance policies for the crypto trade.
The investment will additional solidify Binance’s presence within the Center East, the place it at present has over 1K staff, and strengthen its regulatory compliance and world growth technique. Teng mentioned Binance was working with MGX to form the way forward for digital finance, and the purpose was to construct a extra inclusive and sustainable ecosystem with a powerful concentrate on compliance, safety, and consumer safety.
Binance additionally launched ‘fund accounts’ not too long ago, changing into the primary crypto alternate to supply this function. In keeping with the alternate’s group, the initiative aimed to bridge the hole between crypto and conventional finance (TradFi) for institutional customers, enhancing the platform’s attraction to skilled buyers like MGX.
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