In a landmark deal announced last month, Abu Dhabi-based investment firm MGX will invest $2 billion into Binance, with the transaction to be settled entirely in USD1—a Trump-affiliated stablecoin. The confirmation came from Eric Trump, Executive Vice President of the Trump Organization, during a panel at the TOKEN2049 conference in Dubai.
The transaction will use USD1, a U.S. dollar-pegged stablecoin launched in March 2025 by World Liberty Financial (WLFI), a crypto initiative with close ties to the Trump family. USD1 is fully backed by short-term U.S. Treasuries and cash equivalents and is positioned as a next-generation digital settlement asset for global finance.
This marks MGX’s first entry into crypto and one of the largest single investments in Binance’s history. It also signals growing interest in using regulated dollar-backed stablecoins for institutional capital deployment, especially amid increasing political support for blockchain infrastructure under the Trump administration.
Trump Calls USD1 Future of Stablecoins
MGX’s $2 billion Binance deal, announced on March 12, made headlines for its scale and strategic implications. At TOKEN2049, Eric Trump praised USD1 as a transparent, fully regulated stablecoin.
“USD1 will become one of the most transparent and regulated stablecoin in the world. It is backed by short term treasury and cash equivalent… not only do we want to create a product in our stable point USD… one that can be sent across borders in a very seamless way, but transparency and frankly, consumer safety is paramount, right?”
WLFI co-founder Zach Witkoff also hinted at upcoming partnerships that will extend WLFI’s decentralized finance protocol into new sectors. With the MGX transaction serving as a precedent, USD1 may evolve from a politically branded stablecoin into a preferred institutional transaction medium in global crypto markets.
Eric Trump Slams Banks, Backs Crypto Innovation
During the Dubai event, Eric Trump sharply criticized the traditional banking system, calling it inefficient and outdated.
“The US is seeing that the financial world has to progress. It’s a joke. Why do banks run nine to five, Monday to Friday, with an hour and a half of lunch break? It doesn’t make sense.”
He also condemned the SWIFT international payment network, describing it as slow, expensive, and obsolete.
Sending money internationally through SWIFT is slow, costly, and complex. Crypto makes banks redundant,” he said.
His remarks reflect a broader frustration with legacy payment systems. Data from Statrys shows that the average SWIFT transfer takes over 20 hours, extending to 36 hours when routed through intermediaries. By contrast, Ethereum-based stablecoin transfers, including those involving USD1, typically settle in 2–5 minutes—highlighting the transformative potential of decentralized global finance.
Quick Facts
- MGX is investing $2 billion in Binance, settled in the Trump-linked stablecoin USD1.
- USD1, launched in March 2025 by WLFI, is backed by U.S. Treasuries and cash equivalents.
- This marks MGX’s first crypto investment and one of the largest institutional injections into Binance.
- Eric Trump confirmed the deal at TOKEN2049, spotlighting crypto’s growing political traction.
