Eric Trump reveals the stablecoin behind UAE’s $2 billion Binance investment

Eric Trump reveals the stablecoin behind UAE’s $2 billion Binance investment

Eric Trump, the son of President Donald Trump, during his participation at Token 2049 demystified the stablecoin behind the deal that was made between UAE sovereign wealth fund MGX and Binance crypto exchange. The $2 billion investment by MGX into Binance was announced earlier this year, yet the stablecoin mentioned for carrying out the deal remained a mystery.

MGX, chaired by Sheikh Tahnoon Bin Zayed Al Nahyan, the UAE’s national security advisor and a brother of UAE President Sheikh Mohammed bin Zayed, backed not only by Abu Dhabi sovereign wealth fund Mubadala but also G42 invested 2 percent of its 100 billion investment vehicle into the world leading crypto exchange Binance.

At Token 2049 Dubai, Eric Trump demystified it stating the the World Liberty Financial USD stablecoin (USD1) is the one that will be used for the UAE MGX Binance deal, while noting that the USD1 would integrate with the Tron network.

Trump announced that the WLF USD stablecoin (USD1) was selected as the official stablecoin for MGX’s $2 billion investment in Binance. Zach Witkoff, the Co-founder of World Liberty Financial, teased more future partnerships for the DeFi protocol, adding that the platform aimed to establish USD1 as the preferred stablecoin in the DeFi and CeFi ecosystem, and the WLF team was working really hard on getting integrations into traditional retail point of sale systems.

“We thank MGX and Binance for their trust in us,” said Witkoff, who is the son of the White House envoy to the Middle East, Steve Witkoff. “It’s only the beginning.”

Trump disclosed that Abu Dhabi’s MGX will use the USD1 stablecoin to settle a $2 billion investment into Binance in one of crypto’s largest funding deals, marking the investment firm’s first venture into the crypto space.

Trump mentioned that sending funds internationally through SWIFT was slow, costly, and complex, emphasizing that crypto [almost] made banks redundant. An analysis report published by Statrys said the average transaction time on the SWIFT payment network was 20 hours and seven minutes. Additionally, 75% of SWIFT transactions involve one or two intermediary banks, meaning that these average 1 day and 11 hours to settle. However, a USDT or USDC stablecoin transaction on Ethereum settles within two to five minutes.

“USD1 will become one of the most transparent and regulated stablecoins in the world…not only do we want to create a product in our stable point USD, one that can be sent across borders in a very seamless way, but transparency and frankly, consumer safety is paramount…”

TOKEN 2049 in Dubai lures 15,000 participants and 200 speakers

TOKEN 2049 in Dubai lures 15,000 participants and 200 speakers

TOKEN2049, a premier crypto conference, has officially sold out ahead of the event in Dubai UAE, with 15,000 participants and 200 speakers. From 30 April – 1 May 2025, TOKEN2049 Dubai will host a landmark roster featuring Binance Founder Changpeng “CZ” Zhao, Executive Vice President of The Trump Organization Eric Trump.

They will be joined by more than 200 other founders, investors, builders and policymakers – including Balaji Srinivasan (The Network State), Raoul Pal (Co-Founder and CEO, Real Vision), Star Xu (Founder, OKX), Richard Teng (CEO, Binance), Paolo Ardoino (CEO, Tether), Arthur Hayes (CIO, Maelstrom), Jeremy Allaire (Co-Founder and CEO, Circle).

Alex Fiskum, Co-Founder of TOKEN2049, commented that they were excited to be welcoming this record number of attendees with 80% of them from outside of the UAE. He noted, ” The global crypto industry has truly gathered in Dubai for TOKEN2049 Week, with over 500 side events happening across the city. We’ve curated an incredible program featuring the industry’s most influential voices, alongside immersive activations and a citywide experience.”

TOKEN2049 Dubai Title Sponsors include OKX – a leading technology company building a decentralized future; Binance – the largest crypto exchange by trading volume and users; BloFin – a global, secure, and user-first platform for premium futures trading; Spacecoin – a decentralized internet satellite network using blockchain technology for global connectivity; MEXC – a global exchange known as “Your Easiest Way to Crypto;” KuCoin: Shaping the Future of Crypto, and Mesh – the first global crypto payments network.