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Eric Trump, the executive vice president of The Trump Organization, said that the Trump family-backed stablecoin USD1 has been chosen to close Abu Dhabi investment firm MGX's $2 billion deal with cryptocurrency exchange Binance.
What happened: President Donald Trump's second son made the announcement at the Token2049 cryptocurrency conference in Dubai, Coindesk reported Thursday.
The deal relates to the $2 billion investment by MGX into Binance, which gives it a minority stake in the world’s largest cryptocurrency trading platform. It was indicated earlier that the deal would be executed in stablecoins.
Eric Trump also announced that USD1 will be integrated with the Tron (CRYPTO: TRX) ecosystem. Interestingly, Tron founder Justin Sun is a leading investor and advisor at World Liberty Financial, the decentralized finance platform behind the stablecoin.
"USD1 will become one of the most transparent and regulated stablecoins in the world," Eric Trump was quoted as saying.
World Liber co-founder Zach Witkoff, who was also present at the event, stated that the aim was to position USD1 as the go-to stablecoin in both centralized and decentralized finance.
See Also: El Salvador Committed To Buy Bitcoin Despite IMF Requirement, Says Minister— ‘Important Project’ Started By Nayib Bukele
Why It Matters: World Liberty Financial, backed by the Trumps, has focused on promoting dollar-backed stablecoins and decentralized finance applications.
It launched USD1 on Ethereum and BNB Chain (CRYPTO: BNB) in March, which will be fully backed by U.S. treasuries, cash deposits, and cash equivalents.
World Liberty Financial was introduced last year to allow users to borrow, lend, and earn interest on funds through the DeFi route.
The project is inspired by Donald Trump, although the disclaimer states that none of its offerings are political or related to any political campaign.
A Trump-affiliated organization holds a 60% share in the platform’s parent firm, while his son Eric sits on the board.
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Photo Courtesy: Kirill Aleksandrovich On Shutterstock.com
