A Stablecoin launched by World Liberty Financial Cryptocurrency Venture by Donald Trump is used by an Abu Dhabi investment company for its $ 2 billion investment in the crypto exchange, said one of the co-founders of World Liberty on Thursday.
World Liberty, which aims to allow people to access financial services without intermediaries such as banks, said in March that it would launch USD1, a stablecoin at point of a dollar supported by US treasury bills, dollars and other cash equivalents.
Speaking at a crypto conference in Dubai, Zach Witkoff said that USD1 would be used to close the investment of $ 2 billion by MGX based in Abu Dhabi in Binance, the largest crypto exchange in the world.
“We are delighted to announce today that USD1 has been selected as an official Stablecoin to close the investment of MGX dollars in Binance,” said Witkoff, son of Trump’s envoy, Steve Witkoff.
The use of the USD1 in the agreement highlights the growing influence of World Liberty in the global cryptography industry and its links with binance. USD1 is issued on the Binance blockchain.
Stablecoins are an increasingly lucrative cog in the world trade in cryptography. Their transmitters generally take advantage of it by gaining interests of treasury bills and other assets that underlie them.
The value of the USD1 in circulation reached around 2.1 billion dollars on Wednesday, according to CoinmarketCap data, making it one of the fastest growth stable. The identity of its main holders, however, remains uncertain.
An anonymous cryptocurrency portfolio which contains a value of $ 2 billion from the USD received funds between April 16 and 29, according to data from the Crypto Arkham research company. Reuters could not check the owner of this portfolio.
Changpeng Zhao, the founder and former CEO of Binance, who was imprisoned in the United States last year after pleading guilty of having violated American laws against money laundering, met Zach Witkoff and two other co-founders of the Liberty world in Abu Dhabi, according to a photo published on the social media site X on Sunday.
“It was great to see our friends”, in Abu Dhabi, posted Zhao in response to the photo, marking Witkoff.
