Eric Trump announced that the stablecoin USD1, issued by World Liberty Financial, will be used in the $2 billion investment made by MGX in Binance.
Eric Trump, the son of U.S. President Donald Trump, made critical statements about the cryptocurrency sector at the Token2049 event in Dubai. The financial company World Liberty Financial, supported by the Trump family, will finance a major investment in the world's largest cryptocurrency exchange Binance with its recently announced dollar-backed stablecoin USD1. The Abu Dhabi-based investment firm MGX will purchase its $2 billion stake in Binance using USD1.
Eric Trump also announced that the stablecoin USD1 will be integrated with the Tron ecosystem, supported by famous crypto billionaire Justin Sun. With this collaboration, an increase in the utility and market significance of USD1 is expected. In his statement, Trump said that USD1 will be one of the world's most transparent and regulated stablecoins, backed by short-term treasury bills and cash equivalents.
New collaborations are coming from World Liberty!
During the same event, the co-founder of the company speaking, Zach Witkoff, stated that World Liberty is working on new integrations for DeFi and traditional finance. Witkoff emphasized that their goal is to make USD1 the most preferred stablecoin in both DeFi (decentralized finance) and CeFi (centralized finance) spaces. The company is also developing projects to enable the use of USD1 at retail points.