A Stablecoin launched by Donald Trump's World Liberty Financial (WLFI) adventure is used by an Abu Dhabi investment company for a large $ 2 billion investment in Crypto Exchange Binance. This announcement was made by one of World Liberty's co-founders during a crypto conference in Dubai.
World Liberty Financial USD1 has emerged as the fastest growing stablecoin
World Liberty Financial aims to democratize access financial services by removing intermediary such as banks. Earlier this year, the company announced The upcoming launch of USD1, a dollar-pegged stablecoin will support US wealth, cash, and other equals.
Zach Witkoff, a co-founder of World Liberty Financial and Trump's son Steve Witkoff, has confirmed that USD1 will facilitate MGX's investment, the Abu Dhabi-based firm, in Binance.
Witkoff stated The enthusiasm for the collaboration, saying, “We are excited to announce today that USD1 has been selected as Stablecoin official to close $ 2 billion MGX investment in Binance.”
As with recent reports, USD1 circulation reached approximately $ 2.1 billion, marked it as one of the fastest growing stablecoins in the market. However, the identities of its major holders remain unspecified.
Noteworthy, an unidentified cryptocurrency purse has been reported to have received $ 2 billion in USD1 between April 16 and April 29, even though this purse remains unknown.
Adding to the intrigue, Binance Founder and former CEO Changpeng Zhao met with Zach Witkoff and his fellow co-founders in Abu Dhabi, who share a picture on social media featuring their connection.
Zhao, who has dropped from his role in Binance amid a $ 4.3 billion regulating and a four -month imprisonment to US authorities for losses off last year's losses, is constantly holding a significant stake in the exchange.
Potential conflicts of interest
In addition to Binance Investment, Witkoff announced that World Liberty Financial's USD1 Stablecoin is about to be integrated with Tron Blockchain, associated with Hong Kong -based crypto businessman Justin Sun..
The Sun is known as the largest investor in World Liberty Financial, which has invested at least $ 75 million in adventure. His participation came amid ongoing legal challenges, as he faced a US fraud lawsuit that had recently been paused by the SEC for the public's interests in public interest.
At the conference, the Sun modded a panel featuring Witkoff and Eric Trump, son of Donald Trump, who was more in contact with Trump's family's interest in the burgeoning world of cryptocurrency.
President Trump, positioned himself as a “Crypto president,” expressed aspirations to change us Cryptocurrency regulationsEven his business interests, including World Liberty Financial, attract an investigation of potential conflicts of interest.
Despite these concerns, Trump's company said he had left the daily management of his possessions to his children, ensuring a separation between his political goals and business operations.
Featured image from Dall-E, chart from tradingview.com
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