Trump-Linked Stablecoin Facilitates $2B Investment in Binance
In a significant development, Abu Dhabi-backed investment firm MGX plans to acquire a $2 billion minority stake in Binance using USD1, a stablecoin launched by World Liberty Financial—a cryptocurrency firm founded by the Trump family. This transaction, announced at the TOKEN2049 conference in Dubai, positions USD1 as a contender in the stablecoin market dominated by USDT and USDC.
The deal has raised ethical concerns due to potential conflicts of interest, especially considering Binance's ongoing legal challenges and the Trump family's political influence. Notably, Binance's founder, Changpeng Zhao, who stepped down as CEO in November 2023 after pleading guilty to U.S. anti-money laundering violations, is reportedly seeking a pardon from former President Donald Trump.$BNB