In a landmark move signaling deepening ties between the cryptocurrency industry and global finance, Abu Dhabi-based investment firm MGX has finalized a $2 billion investment in Binance, the world's largest crypto exchange. The transaction was facilitated using USD1, $USDC a stablecoin launched by World Liberty Financial—a decentralized finance venture associated with the Trump family.
The announcement was made at the TOKEN2049 conference in Dubai by World Liberty Financial co-founder Zach Witkoff. He revealed that USD1, $USDP a dollar-pegged stablecoin fully backed by U.S. Treasuries and cash equivalents, was chosen to settle the investment. This decision underscores the growing acceptance of stablecoins in large-scale institutional transactions .
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Further enhancing its utility, USD1 has been integrated with the Tron blockchain as a TRC-20 token, expanding its interoperability across major networks like Ethereum and BNB Smart Chain. Since its launch in March, USD1 has surpassed a $2 billion market capitalization, reflecting rapid adoption and trust in its stability .
Reuters
This development also highlights the United Arab Emirates' strategic positioning as a global crypto hub. Dubai, in particular, has attracted significant attention from industry leaders, including Binance, which continues to expand its presence in the region