Senator Tommy Tuberville, R-Ala., discusses the White House’s deregulation strategy during an appearance on “Kudlow.”
A new stablecoin, initiated by Donald Trump’s World Liberty Financial Crypto Venture, is being utilized by an investment firm in Abu Dhabi for a significant $2 billion investment in the crypto exchange Binance, a co-founder of Binance disclosed on Thursday.
This initiative is just one in a series of crypto projects by the Trump family, notably including “Memecoin,” which has faced scrutiny from ethics experts and critics over possible conflicts of interest.
World Liberty aims to provide access to financial services directly, without needing banks, and plans to unveil USD1 in March.
Positioning as a Bitcoin Mining Hub
At a crypto conference in Dubai, Zach Witkov, co-founder of World Liberty, announced that USD1 will facilitate the closing of MGX’s $2 billion investment in Binance, recognized as the largest crypto exchange globally.
Zach Witkoff, co-founder of World Liberty Financial, will be participating in the Token 2049 Crypto Conference in Dubai on May 1, 2025 (Photo by Giuseppe Cacace/AFP) (Giuseppe Cacace/AFP via Getty Images/Getty Images)
“We’re excited to announce USD1 as the designated stablecoin for closing MGX’s $2 billion investment,” said Witkov, who is the son of Trump’s special envoy in the Middle East.
Senator Elizabeth Warren, a Democrat, has been vocally critical of this initiative ahead of legislative developments in the Republican-led Senate.
Warren, who serves on the Senate Banking Committee, remarked, “The Senate is gearing up to endorse a law that essentially allows the president and his family to profit more easily. This is corrupt, and senators should not support it.”
Both the White House and World Liberty Financial did not immediately respond to inquiries for comments.
The adoption of USD1 in this deal underscores the rising global influence of the crypto industry and its ties to Binance. It’s worth noting that USD1 is issued on the Binance blockchain.
Stablecoins are becoming increasingly important in global crypto trading, often enabling issuers to earn interest from the Treasury and related assets.
As of Wednesday, approximately $2.1 billion worth of USD1 is in circulation, making it one of the fastest-growing stablecoins, according to CoinmarketCap data. Nevertheless, the main holders’ identities remain undisclosed.
An unnamed cryptocurrency wallet containing $2 billion in USD1 received transfers between mid-April and late April, based on findings from crypto analysis firm Arkham. Reuters couldn’t verify the wallet’s ownership.
Trump’s Meme Coins Expected to Rise
Recently, a photo surfaced on social media showing Binance’s founder, Changpeng Zhao, meeting with Zach Witkov and other co-founders of World Liberty during a trip to Abu Dhabi. Zhao had previously confessed to breaching US law last year.
“It’s great to connect with a friend,” Zhao said in response to the photo with Witkov.
Zhao, who stepped down from Binance in 2023 as part of a $4.3 billion settlement over illegal fiscal practices, still holds significant shares in the company.
Integration with Tron
In a different announcement, Zach Witkov indicated that USD1 will also be integrated with the Tron blockchain, associated with businessman Justin Sun from Hong Kong.
A representation of cryptocurrency and the Tron logo displayed on a smartphone screen captured in Krakow, Poland on June 26, 2023 (photo by Jakub Porzycki/Nurphoto via Getty Images) (Jakub Porzycki/Nurphoto via Getty Images)
Sun is identified as the largest backer of World Liberty, reportedly investing at least $75 million into the endeavor.
Interestingly, during his initial investment phase, Sun was entangled in a US securities fraud lawsuit, though the SEC later dropped the case, citing public interest.
Witkov also participated in a panel moderated by Sun at the conference, which Eric Trump, son of the former president, joined.
Eric Trump (R), Zach Witkoff (C), and Justin Sun (L) participated in the Token 2049 Crypto Conference held in Dubai on May 1, 2025. (Giuseppe Cacace/AFP via Getty Images)
The U.S. president has made claims about becoming a “crypto president,” vowing to reform federal regulations concerning cryptocurrency.
Trump’s Strategic Bitcoin Reserve
Interestingly, Trump transferred his assets to his children before his return to the White House, stressing that he wouldn’t be involved in day-to-day management, as indicated by his company.
