TechFlow, May 1 — According to CoinDesk, Eric Trump, son of U.S. President Donald Trump, announced at the Token2049 event in Dubai that World Liberty Financial's dollar-pegged stablecoin USD1 has been officially selected as the designated stablecoin for completing MGX’s $2 billion investment in Binance.
Eric Trump also announced that USD1 will be integrated with the Tron ecosystem, backed by Justin Sun. "USD1 will be one of the most transparent and regulated stablecoins in the world. It is backed by short-term Treasuries and cash equivalents. We are not only building a stablecoin product that enables seamless cross-border transactions, but transparency and consumer safety are paramount," Trump added.
Earlier this year, Abu Dhabi-based investment firm MGX invested $2 billion to acquire a stake in Binance, marking the first major institutional investment into the world’s largest cryptocurrency exchange. World Liberty Financial, supported by the Trump family, had announced in March this year a partnership with BitGo to launch a dollar-backed stablecoin.
