Trump’s Stablecoin USD1 Chosen To Settle $2B Abu Dhabi Investment In Binance

Benzinga

Donald Trump’s stablecoin venture is being used to finalize a $2 billion investment from Abu Dhabi’s MGX into crypto exchange Binance, according to Reuters. Co-founder Zach Witkoff announced during a crypto conference in Dubai that USD1, backed by U.S. Treasuries and other cash equivalents, was chosen as the official settlement token for the deal. USD1 is issued on Binance’s blockchain and recently reached $2.1 billion in circulation, though the identity of its largest holder remains unknown. Former Binance CEO Changpeng Zhao, who remains a major shareholder after his money laundering conviction, recently met with Witkoff and other World Liberty co-founders in Abu Dhabi.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02Donald Trump's stable court venture is being used to finalize a $2 billion investment from

00:06Abu Dhabi's MGX and the crypto exchange Binance, according to Reuters. Co-founder Zach Witkoff

00:11announced during a crypto conference in Dubai that USD1, backed by U.S. Treasuries and other

00:16cash equivalents, was chosen as the official settlement token for the deal. USD1 has issued

00:21on Binance's blockchain, recently reached $2.1 billion in circulation, though the identity of

00:26its largest hole remains unknown. For Binance CEO Ching-Peng Zhao, who remains a major shareholder

00:32after his money laundering conviction, recently met with Witkoff and other World Liberty co-founders

00:37in Abu Dhabi. For all things money, visit Benzinga.com slash GSTV.

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