May 1 (Reuters) – A stablecoin launched by Donald Trump’s World Liberty Financial crypto venture is being used by an Abu Dhabi investment firm for its $2 billion investment in crypto exchange Binance, one of World Liberty’s co-founders said on Thursday.
World Liberty, which aims to allow people to access financial services without intermediaries like banks, said in March it would launch USD1, a dollar-pegged stablecoin backed by U.S. Treasuries, dollars and other cash equivalents.
Speaking at a crypto conference in Dubai, Witkoff said that USD1 would be used to close the $2 billion investment by Abu Dhabi-based MGX into Binance, the world’s biggest crypto exchange.
“We are excited to announce today that USD1 has been selected as the official stablecoin to close MGX’s $2 billion investment in Binance,” said Witkoff, son of Trump’s envoy Steve Witkoff.