Abu Dhabi MGX invests $2 billion in Binance, stablecoin USD1 leads a new trend!
Abu Dhabi's MGX will achieve a record $2 billion investment in the world's largest cryptocurrency exchange Binance through the stablecoin 'USD1' launched by World Liberty Financial (WLFI). The news was revealed at the 'Token 2049' conference in Dubai and announced by WLFI co-founder Zach Witkoff, stating that USD1 will become the official stablecoin.
USD1 will be backed by US dollars and short-term US Treasury bonds, but the stablecoin market is currently highly competitive, with Tether (USDT) and USDC accounting for about 90% of the market share.
The investment from MGX marks its first foray into the cryptocurrency space, with Binance's spot trading volume reaching $1.28 trillion in April, capturing 37.7% of the entire market. WLFI is led by the Trump family, including former President Trump and his son, Eric Trump, who warned that banks face extinction risks if they do not embrace blockchain technology.
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