A state-backed investment firm in Abu Dhabi is making headlines with a massive $2 billion investment into crypto exchange Binance. The deal is particularly notable because it will be transacted using USD1, a stablecoin created by World Liberty Financial, a crypto startup tied to former U.S. President Donald Trump and his family.
The announcement came during a crypto convention in Dubai, where World Liberty Financial co-founder Zach Witkoff appeared alongside Eric Trump. In a video shared online, Witkoff stated, “We are excited to announce today that USD1 has been selected as the official stablecoin to close MGX’s $2 billion investment in Binance. We thank MGX and Binance for their trust in us, and I think it’s only the beginning.”
Trump-Backed Crypto Venture Moves Center Stage
World Liberty Financial has attracted significant attention due to its Trump connections. Despite Donald Trump’s earlier public skepticism of cryptocurrency—once calling it a “scam”—the project has gained traction through high-profile partnerships and financial backing. Both Eric Trump and Donald Trump Jr. are reported to be supporters of the venture.
Although the company has been vague about its operational roadmap, this multi-billion-dollar deal positions it at the forefront of the digital asset market. It also raises questions about Trump’s personal stake in crypto, particularly as he continues to play a key role in politics.
Ethics Concerns over Trump’s Financial Ties to Crypto
The Trump family’s involvement in cryptocurrency is raising red flags among ethics experts. Danielle Brian, executive director of the Project on Government Oversight, stated: “The president is exploiting the loopholes in ethics laws that allow sitting presidents to retain financial interests.”
No clear public disclosures have been made about how Trump’s crypto interests are being managed, fueling further scrutiny around potential conflicts of interest.
Strategic Blockchain Integration with Justin Sun’s Tron
In addition to securing the Binance deal, World Liberty Financial announced it will integrate USD1 with the Tron blockchain, founded by controversial crypto figure Justin Sun. Sun, who has previously faced regulatory scrutiny, became a major investor in the company by purchasing $75 million worth of its WLFI token just before Trump’s 2024 inauguration.
A month after that transaction, a fraud case filed against Sun was quietly dropped by the SEC under Trump’s administration, further intensifying scrutiny over regulatory favoritism.
USD1 Aims to Become “Most Regulated” Stablecoin
Witkoff described USD1 as “the most transparent, the most regulated stablecoin in the world.” He added that it is backed one-to-one with short-term U.S. Treasury bills and cash equivalents, and that the firm plans to mint “hundreds of millions to billions of dollars” worth of the token.
The company’s ambitions go beyond blockchain. Last week, the Trump Organization revealed it would start accepting cryptocurrency payments for real estate purchases at its new $1 billion luxury tower in Dubai, a partnership with Damac Properties.
Trump Media Eyes Utility Token and Digital Wallet
Meanwhile, the Trump family is expanding its digital presence through Trump Media & Technology Group (TMTG), the parent company of Truth Social. The media firm is reportedly exploring the launch of both a utility token and a digital wallet to complement its upcoming streaming platform, Truth+.
This convergence of real estate, politics, and blockchain assets under the Trump brand signals a bold push into crypto, even as ethical and regulatory concerns continue to grow.