A state-backed funding agency in Abu Dhabi is about to make a $2 billion funding into crypto alternate Binance utilizing USD1, a stablecoin developed by World Liberty Monetary — a crypto enterprise intently tied to the Trump household.
The announcement was made by Zach Witkoff, co-founder of World Liberty Monetary, throughout a crypto conference in Dubai, the place he appeared alongside Eric Trump, in accordance to a report from ABC News.
“We’re excited to announce at the moment that USD1 has been chosen because the official stablecoin to shut MGX’s $2 billion funding in Binance,” Witkoff stated in a video shared on X (previously Twitter).
“We thank MGX and Binance for his or her belief in us, and I believe it’s solely the start.”
$2B Deal Might Be a Pivotal Second for Trump-Backed Crypto Enterprise
This deal might mark a significant turning level for the Trump-backed enterprise.
World Liberty Monetary, which incorporates Donald Trump and his sons Eric and Don Jr. amongst its supporters, has drawn scrutiny ever since its launch due to the previous president’s earlier criticism of cryptocurrencies as a “rip-off.”
The venture’s enterprise mannequin has remained obscure, however the MGX deal locations it on the heart of one of many largest crypto transactions of the 12 months.
Ethics specialists have raised issues concerning the potential conflicts of curiosity posed by Trump’s monetary ties to cryptocurrency whereas sustaining a political presence.
“The president is exploiting the loopholes in ethics legal guidelines that enable sitting presidents to retain monetary pursuits,” stated Danielle Brian, government director of the Venture on Authorities Oversight.
The White Home has not disclosed how Trump’s crypto-related pursuits are managed.
Bear in mind when Republicans misplaced their minds as a result of Hunter Biden made cash from a Ukrainian fuel firm?
Flash-forward to 2025
An Abu-Dhabi state fund (MGX) is transferring $2 billion into Binance solely by way of USD1—the brand-new stablecoin managed by World Liberty… pic.twitter.com/nf7YhTgIoS— Ed Krassenstein (@EdKrassen) May 2, 2025
The USD1 announcement got here throughout a “hearth chat” moderated by crypto mogul Justin Solar.
Solar, who has a historical past of regulatory scrutiny, turned considered one of World Liberty Monetary’s largest backers only a day earlier than Trump’s 2024 inauguration, reportedly buying $75 million price of WLFI, one other token issued by the corporate.
A month later, a fraud case in opposition to Solar was dropped by SEC legal professionals below the Trump administration.
World Liberty Monetary to Combine USD1
Witkoff additionally revealed that World Liberty Monetary will combine USD1 natively with the Tron blockchain, based by Solar.
He claimed that the corporate expects to mint “a whole lot of hundreds of thousands to billions of {dollars}” price of USD1, which he described as “probably the most clear, probably the most regulated stablecoin in the world,” backed one-to-one with short-term treasuries and money equivalents.
Final week, the Trump Group stated it could start accepting cryptocurrency payments for property gross sales at its $1 billion luxurious tower in Dubai, deepening its enlargement into digital belongings and the Gulf area’s high-end actual property market.
The Trump Worldwide Lodge and Tower in Dubai, unveiled earlier this 12 months, is the most recent in the household’s partnership with UAE-based Damac Properties.
In the meantime, Trump Media & Expertise Group (TMTG), the media firm behind Reality Social, is weighing the launch of a utility token and a digital pockets as a part of an enlargement of its streaming platform, Reality+.
The publish Trump-Linked ‘Stablecoin’ USD1 to Power $2B Emirati Investment in Binance appeared first on Cryptonews.
