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Stablecoin started by Donald Trump’s The World Liberty Financial Crypto Venture is being used by an investment company in Abu Dhabi in a $2 billion investment in Crypto Exchange Binance.
This is the latest in the Trump family’s series of crypto-related ventures, including “Memecoin,” which has attracted criticism from government ethics experts and political opponents of potential conflicts of interest.
World Liberty, which aims to make people accessible to financial services without intermediaries like banks, said it will launch USD1 in March. Stablecoin given to dollars Equivalent to US Treasury Department, dollars and other cash.
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Zach Witkov speaks at a crypto conference held in Dubai, Co-founder of World FreedomUSD1 said it will be used to close Abu Dhabi-based MGX’s $2 billion investment to Binance, the world’s largest crypto exchange.
Zach Witkoff, co-founder of World Liberty Financial, will be taking part in the session at the Token 2049 Crypto Conference held in Dubai on May 1, 2025 (Photo by Giuseppe Cacace/AFP) (Giuseppe Cacace/AFP via Getty Images/Getty Images)
“We look forward to announce that USD1 has been selected as the official stubcoin to close the $2 billion investment in MGX’s vinanence,” said Witkov, son of Steve Witkov, the son of Trump’s special envoy in the Middle East.
Democrat Senator Elizabeth Warren He sharply criticized the Republican-controlled Senate for holding US laws on ventures and US stubcoins.
Warren, a member of the US Senate Banking Committee, said: “The Senate, meanwhile, is preparing to pass the “genius” law that makes it easier for the president and his family to line up in their own pockets. This is corruption and the senators should not support it. ”
The White House and World Liberty Financial did not immediately respond to requests for comment.
The use of USD1 in this transaction highlights the influence of the growing global freedom in the global crypto industry and its relationship with Binance. USD1 is issued on Binance’s blockchain.
Stablecoins are an increasingly advantageous cog in global crypto trading. Their issuers usually benefit from earning interest from the Treasury Department and other assets that support them.
USD1 in circulation reached around $2.1 billion on Wednesday, making it one of the fastest growing, silly idiotic, according to CoinmarketCap data. However, the identities of the major holders remain unknown.
An anonymous cryptocurrency wallet, which holds $2 billion worth of USD1, received funds between April 16th and 29 years, according to data from crypto investigator Arkham. Reuters could not confirm the owner of the wallet.
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Binance founder and former CEO Changpeng Zhao met Zach Witkoff and two other World Liberty co-founders after being jailed in the US last year after pleading guilty to violating US laws against money laundering. Abu Dhabiaccording to a photo posted on social media site X on Sunday.
“I’m glad to meet our friend,” said Abu Dhabi’s photo, posting Zhao in response to a photo tagged with Witkov.
Zhao, who resigned from his role at Binance in 2023 as part of a $4.3 billion settlement with the US over illegal fiscal fees, remains a major shareholder in Binance.
Tron integration
Separately, Zach Witkoff has announced that USD1 will be integrated into Tron, the blockchain of Hong Kong-based Crypto entrepreneur Justin Sun.
The representation of the cryptocurrency and Tron logo displayed on the phone screen can be seen in the photo of this illustration, taken in Krakow, Poland on June 26, 2023 (photo by Jakub Porzycki/Nurphoto via Getty Images) (Jakub Porzycki/Nurphoto via Getty Images)
According to a social media post, Sun is the biggest investor in world freedom and a venture advisor, and has poured at least $75 million into the project.
Sun was fighting a US securities fraud lawsuit during his first investment in world freedom. In February, the Securities and Exchange Commission suspended the lawsuit against him, citing public interest.
The Sun eased the panel Witkov spoke on Thursday, and Trump’s son Eric Trump also took to the stage.
Trump organization’s executive vice president Eric Trump (R), co-founder of World Liberty Financial Zach Witkoff (C), and Cryptomoney Exchange Tron Justin Sun (L), will be taking part in the session at the Token 2049 Crypto Conference held in Dubai on May 1, 2025. (Giuseppe Cacace/AFP via Getty Images/Getty Images)
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Trump handed over his assets to his children before returning to the White House, and he would not play a role in daily decision-making, his company said.
