The News
Abu Dhabi AI fund MGX will use a stablecoin from the Donald Trump-backed World Liberty Financial to make its $2 billion investment in crypto exchange Binance.
MGX made the minority investment in the world’s largest crypto exchange in March, but the stablecoin that would be used for the transaction had not yet been disclosed: World Liberty Financial co-founder Zach Witkoff, the son of Trump’s special envoy to the Middle East, said while on a panel alongside Eric Trump at a crypto conference in Dubai that the firm’s USD1 will be used.
Changpeng Zhao, Binance’s founder and former CEO, stepped down from his role as part of a $4.3 billion settlement with the US over illicit financing charges in 2023, and later served prison time after pleading guilty to money laundering. He remains a major shareholder of Binance and is seeking a pardon from the Trump administration. USD1 is issued on Binance’s blockchain.