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.
Category
🗞
NewsTranscript
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.