In a major announcement, Eric Trump, executive vice president of the Trump Organization, said at the TOKEN2049 event in Dubai on Thursday that the $2 billion investment from Abu Dhabi’s MGX firm into Binance will happen through $USD1, the stablecoin of World Liberty Financial (WLF).
Speaking on the second day of the TOKEN2049 event, Trump claimed the World Liberty’s stablecoin would also integrate with the Tron ecosystem even as the WLF intends to turn $USD1 into the world’s most “transparent and regulated stablecoins.”
The announcement was made by Trump in a conversation with Justin Sun of TRON and Zach Witkoff of WLF at the TOKEN2049 event. On March 12, Binance CEO Richard Teng had announced a deal of $2 billion investment from MGX, an investment firm based out of Abu Dhabi, that will ensure that the latter owns a minor stake in Binance.
As per MGX, the investment deal was to carry forward the power of blockchain technology into digital finance.
Meanwhile, Eric also commented on the state of banking, saying that relying too much on “middlemen” will make traditional financial institutions obsolete with time. He also praised crypto industry for turning the process much faster.
“Suppose you are a U.S. citizen and you want to send money to Abu Dhabi. You need to know the conversion rate of US dollar and the currency over here. How much are the issuer and receiver banks going to charge and how slow is this procedure that is actually supposed to be swift? So what crypto does here is that it kind of makes the whole process redundant,” said Trump.
