World Liberty's Stablecoin to Facilitate MGX's $2 Billion Investment in Binance
Eric Trump announces that World Liberty Financial's USD1 stablecoin will be integral to closing MGX's $2 billion deal with Binance, integrating with the Tron ecosystem.
Highlights:
- Eric Trump revealed that World Liberty Financial’s stablecoin, USD1, will be utilized in MGX’s $2 billion investment in Binance.
- USD1 will connect with the Tron ecosystem, backed by billionaire Justin Sun.
- World Liberty Financial is aiming to position USD1 as one of the most transparent stablecoins, underpinned by treasury and cash equivalents.
Eric Trump, the son of U.S. President Donald Trump, has announced that the USD1 stablecoin from World Liberty Financial has been chosen as the official currency to secure MGX’s substantial $2 billion investment in Binance. During his speech at the Token2049 event held in Dubai, he also mentioned that USD1 will integrate with the Tron ecosystem supported by Justin Sun, a billionaire in the cryptocurrency industry.
Previously this year, MGX, an investment firm from Abu Dhabi, initiated a $2 billion investment which is significant for Binance, marking one of the early institutional investments in this leading exchange.
The Trump family-backed World Liberty Financial had previously communicated its plans to launch a dollar-backed stablecoin in March in collaboration with BitGo. Eric Trump stated, “USD1 will become known as one of the most transparent and regulated stablecoins globally. It is supported by short-term treasury assets and cash equivalents. Our objective is to create a product that not only facilitates cross-border transactions seamlessly but also prioritizes transparency and consumer safety.”
Zach Witkoff, co-founder of World Liberty, also spoke at the event about upcoming partnerships for the decentralized finance (DeFi) protocol. “There’s much more on the horizon at World Liberty. We’re focusing on various DeFi integrations to establish USD1 as the predominant stablecoin within both DeFi and centralized finance (CeFi) ecosystems, as well as working to incorporate it into traditional retail payment systems.”
