In a significant move within the cryptocurrency landscape, Eric Trump, son of former U.S. President Donald Trump, has officially announced that World Liberty Financial’s dollar-denominated stablecoin (USD1) has been chosen as the official stablecoin to facilitate MGX’s ambitious $2 billion investment in Binance.
During his address at the Token2049 event in Dubai, Trump elaborated on USD1’s strategic integration with the Tron ecosystem, which is spearheaded by billionaire Justin Sun. This integration is poised to enhance the utility of USD1 within one of the most prominent blockchain networks available today.
This announcement follows the earlier decision by Abu Dhabi-based investment firm MGX to inject $2 billion into Binance, marking a pivotal moment as one of the first institutional investments in the world’s largest cryptocurrency exchange. Such involvement underscores the growing acceptance of digital currencies among traditional investors.
World Liberty Financial, a company backed by the Trump family, has been vocal about its plans for launching a dollar-backed stablecoin with BitGo, with announcements made earlier this year. This new stablecoin is designed to offer significant transparency and safety to consumers. “USD1 will become one of the most transparent and regulated stablecoins in the world. It is backed by short-term treasury and cash equivalents, and we aim to create a seamlessly transmittable product across borders while prioritizing consumer safety,” Trump stated.
During the same event, World Liberty’s co-founder, Zach Witkoff, hinted at forthcoming collaborations for the decentralized finance (DeFi) protocol. He mentioned, “We have a lot on the way at World Liberty, so stay tuned. We are diligently working on various DeFi integrations, with a goal to establish USD1 as the preferred stablecoin in both the DeFi and centralized finance (CeFi) sectors. We are also focused on integrating into traditional retail point of sale systems.”
UPDATE (May 1, 09:50 UTC): Additional comments from Zach Witkoff on World Liberty have been provided.
