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17h ago

Trump Family Stablecoin Chosen for $2 Billion UAE-Backed Binance Deal

The use of USD1 in MGX’s investment raises conflict-of-interest concerns ahead of President Trump’s Gulf state visit, with the White House denying ethical breaches.

President Donald Trump welcomes Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed Al Nahyan to the White House in Washington, Monday, May 15, 2017.
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Overview

  • Emirati firm MGX, backed by Abu Dhabi’s sovereign wealth fund, plans to use USD1, a Trump family stablecoin, for a $2 billion investment in Binance.
  • The announcement was made by Zach Witkoff, CEO of World Liberty Financial, and Eric Trump at the Token2049 conference in Dubai on May 1, 2025.
  • Critics, including Senator Elizabeth Warren, have raised concerns about potential conflicts of interest, calling the deal corrupt and unethical.
  • The White House asserts that President Trump’s assets are in a blind trust managed by his children and denies any conflicts of interest in the transaction.
  • The timing of the deal aligns with President Trump’s upcoming state visit to the UAE, Qatar, and Saudi Arabia, highlighting the intersection of business and diplomacy.