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🇺🇸 Trump-Linked Stablecoin Powers $2B Binance Investment
A UAE government-backed fund, MGX, plans to use a cryptocurrency created by the Trump family's company, World Liberty Financial, to fund a $2 billion minority stake acquisition in Binance, the world's largest cryptocurrency exchange. The deal, revealed at the Token2049 crypto conference in Dubai by World Liberty co-founder Zach Witkoff and Eric Trump, will use the firm's USD1 stablecoin.
The transaction raises ethical concerns over potential conflicts of interest, especially as Binance is under U.S. federal oversight following an anti-money-laundering conviction in 2023. Binance’s founder, Changpeng Zhao, served four months in prison and is reportedly seeking a Trump pardon. The Trump family may financially benefit from the deal through interest earned on token deposits. Notably, some token buyers are foreign nationals barred from U.S. political contributions, raising further legal questions.
Eric Trump highlighted plans to integrate the cryptocurrency with Trump-branded properties in the UAE, while President Trump prepares for a state visit to Gulf nations.
Source: New York Post