2-5-2025 – A prominent Abu Dhabi investment firm, MGX, has opted to utilise USD1, a stablecoin introduced by World Liberty Financial—a venture linked to Donald Trump—for its substantial $2 billion stake in Binance, the globe’s leading cryptocurrency exchange. This revelation came from Zach Witkoff, a co-founder of World Liberty and son of Trump’s envoy Steve Witkoff, during a high-profile crypto conference in Dubai.
World Liberty Financial, a platform designed to facilitate financial transactions without traditional banking intermediaries, unveiled USD1 earlier this year. Pegged to the US dollar, the stablecoin is underpinned by a robust portfolio of US treasuries, cash reserves, and equivalent assets. Its rapid ascent is evidenced by a circulating value of approximately $2.1 billion as of Wednesday, according to CoinMarketCap, positioning it among the most dynamic stablecoins in the market.
The decision to deploy USD1 for MGX’s investment underscores World Liberty’s burgeoning influence within the global cryptocurrency ecosystem and its strategic alignment with Binance, whose blockchain serves as the foundation for USD1’s issuance. Stablecoins like USD1 are becoming pivotal in crypto markets, generating revenue for issuers through interest accrued on their backing assets.
Intriguingly, data from crypto analytics firm Arkham indicates that an unidentified wallet amassed $2 billion in USD1 between 16 and 29 April, though the owner’s identity remains undisclosed. This opacity surrounding major holders adds a layer of mystery to the stablecoin’s rapid proliferation.
Further cementing ties between World Liberty and Binance, a recent social media post on X captured a meeting in Abu Dhabi between Zach Witkoff, two other World Liberty co-founders, and Changpeng Zhao, Binance’s founder and former CEO. Zhao, who faced legal repercussions in the US last year for breaching anti-money laundering regulations, expressed enthusiasm about reconnecting with his “friends” in the emirate, hinting at the deepening relationships shaping the crypto landscape.
