US President Donald Trump’s World Liberty Financial venture is seeing growing influence in the global cryptocurrency industry. A stablecoin launched by World Liberty, USD1, was chosen to facilitate a $2 billion investment from Abu Dhabi-based MGX into crypto exchange Binance.
The investment deal involves the use of USD1, which aims to allow people to access financial services without intermediaries like banks. The stablecoin is backed by U.S. Treasuries, dollars, and other cash equivalents.
According to Zach Witkoff, a co-founder of World Liberty, USD1 will be used to close the investment deal. This highlights World Liberty’s growing clout in the crypto industry, as well as its ties to Binance.
The deal has drawn criticism from Democratic Senator Elizabeth Warren, who sharply criticized the venture and pending U.S. legislation on stablecoins. She accused the White House of allowing corruption and expressed concern over potential conflicts of interest.
In related news, USD1 will also be integrated into Tron, a blockchain used by Hong Kong-based crypto entrepreneur Justin Sun, who is one of World Liberty’s biggest investors.
Source: https://www.reuters.com/world/middle-east/wlfs-zach-witkoff-usd1-selected-official-stablecoin-mgx-investment-binance-2025-05-01