Trump-linked stablecoin to close Abu Dhabi investment in Binance

Trump-linked stablecoin to close Abu Dhabi investment in Binance

MGX makes a US$2 billion cryptocurrency investment in Binance, deepening ties between the crypto exchange and the UAE.

Binance EPA 190225
Binance, founded in 2017 in China by billionaire Changpeng Zhao, grew into the world’s biggest crypto exchange. (EPA Images pic)
DUBAI:
A stablecoin launched by Donald Trump’s World Liberty Financial venture is being used by Abu Dhabi-backed investment firm MGX for its US$2 billion investment in cryptocurrency exchange Binance, one of the project’s founders said today.

The announcement was made by World Liberty Financial co-founder Zach Witkoff today at the TOKEN2049 conference in Dubai.

MGX made a US$2 billion cryptocurrency investment in Binance, deepening ties between the world’s largest crypto exchange and the UAE.

Liberty Financial said in March it will launch a dollar-pegged stablecoin, USD1, adding that it will be fully backed by US Treasuries, dollars and other cash equivalents, and is designed to keep a value of US$1.

Binance, founded in 2017 in China by billionaire Changpeng Zhao, grew into the world’s biggest crypto exchange after tapping into soaring demand for trading bitcoin and other cryptocurrencies.

Once a crypto sceptic, the US president Donald Trump has vowed to support the industry by easing regulatory curbs and has even launched his own cryptocurrency, in a turnaround for the industry after a series of crypto company collapses in 2022.

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