World Liberty's Stablecoin USD1 Set to Facilitate $2B Investment by MGX in Binance

World Liberty Financial's (WLFI) newly launched stablecoin, USD1, is set to be the settlement currency for a $2 billion investment by Abu Dhabi-based MGX in Binance, according to an announcement made by WLFI co-founder Zach Witkoff at the Token2049 conference in Dubai.

The decision to use USD1 for the settlement had been undisclosed until now. The stablecoin, which is yet to be listed on major centralized exchanges like Binance and Coinbase, has rapidly gained a $2.1 billion valuation, outpacing established competitors like Tether's USDT and Circle's USDC.

Despite the impressive valuation, USD1 still has a long way to go to reach the $149.3 billion valuation of USDT, which holds more than 61% of the total stablecoin market's value.