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3w ago

Trump-Backed Stablecoin Facilitates $2 Billion Abu Dhabi Investment in Binance

World Liberty Financial's USD1 stablecoin is at the center of a groundbreaking transaction involving the UAE's MGX and the world's largest crypto exchange, Binance.

Representations of cryptocurrency Bitcoin are seen in this illustration taken November 25, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

Overview

  • Eric Trump announced at the Token2049 conference in Dubai that MGX, an Abu Dhabi investment firm, will use the USD1 stablecoin for its $2 billion stake in Binance.
  • USD1, launched by the Trump family's World Liberty Financial, is pegged to the U.S. dollar and backed by treasuries and cash equivalents, with plans for further blockchain integrations.
  • The deal highlights the UAE's emergence as a global cryptocurrency hub, bolstered by pro-crypto policies and infrastructure investments.
  • Critics, including Senator Elizabeth Warren, have raised concerns about potential conflicts of interest, given the Trump family's ties to the White House and foreign governments.
  • This transaction underscores the Trump family's deepening involvement in cryptocurrency ventures, spanning real estate, mining, and decentralized finance projects.