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.
