Eric Trump revealed at Token2049 Dubai that MGX will use World Liberty’s USD1 stablecoin for its $2 billion investment in Binance.
MGX, a UAE-based investment firm, will use World Liberty Financial’s stablecoin, USD1, to finalize its $2 billion commitment to Binance, a prominent crypto platform. According to Eric Trump, USD1, which is linked to US President Donald Trump, will serve as the official stablecoin for this substantial investment in Binance.
Eric Trump, the son of Donald J. Trump and executive vice president of the Trump Organization, made this announcement during a panel discussion at Token2049 Dubai, while sharing the stage with Zach Witkoff, the co-founder of World Liberty Financial, and Justin Sun, the founder of Tron. This follows MGX’s intention to acquire a stake in Binance with a $2 billion investment, which will be made using the USD1 stablecoin, a USD-backed digital currency.
Breaking news, live from TOKEN2049.@EricTrump @ZachWitkoff @justinsuntron and a full house at #TOKEN2049 Dubai.@trondao @worldlibertyfi pic.twitter.com/z71r6VUPKc
— TOKEN2049 (@token2049) May 1, 2025
As part of the discussion, Trump also disclosed that the stablecoin will be available on Tron and this is being supported by Justin Sun.
During the Dubai convention, Zach Witkoff hinted at several upcoming collaborations for the DeFi protocol, emphasizing that they aim to establish USD1 as the preferred stablecoin within both the DeFi and CeFi ecosystems.
On March 12, the UAE-based investment firm disclosed its intention to invest $2 billion in Binance using stablecoins. However, the specific stablecoin to be used was not revealed at the time. This investment is considered one of the largest in the crypto space to date.
What’s USD1?
The USD1 is a newly introduced USD-backed stablecoin associated with the Trump family, developed by World Liberty Financial. Launched to the public in March 2025, the stablecoin is said to be backed by US Treasuries and cash equivalents. It is designed to facilitate transparent and secure cross-border transactions.
Upon its release, Trump stated that the stablecoin would be “one of the most transparent and regulated stablecoins in the world.”
Recently, DWF Labs announced that it invested $25 million in World Liberty Financial’s governance tokens (WLFI), as part of its plans on expanding into the US.
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