Trump family's cryptocurrency project selected for $2 billion Emirati-supported investment agreement
A state-backed investment firm from Abu Dhabi is set to invest $2 billion in the cryptocurrency sector, with the digital asset, USD1, from World Liberty Financial slated to be used in the transaction. Co-founder of World Liberty Financial, Zach Witkoff, announced this assertion during an appearance with Eric Trump, son of President Donald Trump, at a crypto conference in Dubai.
The USD1, also known as a stablecoin, is designed to maintain a consistent value and is expected to facilitate Emirati investment firm MGX's investment in Binance, another crypto exchange. Witkoff stated that the collaboration will make USD1 the official stablecoin for closing MGX's $2 billion investment in Binance.
During the conference, Witkoff also revealed plans for integrating USD1 with Tron, a cryptocurrency founded by Justin Sun, and expects to "mint" significant amounts of coins from the arrangement. The specifics of World Liberty Financial's operation are still not fully transparent, but the venture aims to seamlessly integrate its tokens into everyday retail transactions.
Eric Trump jokingly reprimanded Witkoff for using the Four Seasons Abu Dhabi as an example during the conference instead of Trump Tower. Trump has expressed enthusiasm for World Liberty Financial's USD1 coin, claiming it will be the most transparent and regulated stablecoin in the world due to its backing by short-term treasuries and cash equivalents.
The investment news adds to ongoing questions about potential ethics issues regarding the Trump family's involvement in the cryptocurrency industry, particularly since President Trump has previously expressed skepticism towards digital assets. Reports suggest Trump has raised at least $550 million for World Liberty Financial coins, but details about his personal financial arrangements remain unclear.
An analysis of the Trump administration's regulatory role in the cryptocurrency market reveals a shift towards greater support and favorability towards digital assets. Key actions include the issuance of executive orders promoting the growth of cryptocurrencies, maintaining bitcoin reserves, and dismissing lawsuits and investigations against cryptocurrency companies. However, these regulatory policies have generated political complications due to the president's ties to the industry.
It's worth noting that, during the conference, Eric Trump also discussed additional Trump Organization business ventures in the UAE, such as a skyscraper project with the highest swimming pool in the world, which expects to secure a place in the Guinness Book of World Records.
This report includes contributions from our website's Karem Inal.
- The digital asset, USD1 from World Liberty Financial, will be used in a $2 billion investment by an Emirati investment firm, MGX, in Binance, a crypto exchange.
- Co-founder of World Liberty Financial, Zach Witkoff, announced that USD1 will be the official stablecoin for closing MGX's $2 billion investment in Binance.
- Witkoff also revealed plans to integrate USD1 with Tron, a cryptocurrency, and expects to "mint" significant amounts of coins from the arrangement.
- Eric Trump, son of President Donald Trump, expressed enthusiasm for World Liberty Financial's USD1 coin, claiming it will be the most transparent and regulated stablecoin in the world.
- An analysis of the Trump administration's regulatory role in the cryptocurrency market reveals a shift towards greater support and favorability towards digital assets, generating political complications due to the president's ties to the industry.
