Eric Trump: WLFI's stablecoin USD1 will be used to complete MGX's $2 billion investment in Binance

PANews May 1 news, according to CoinDesk, Eric Trump, the son of US President Trump, said that the US dollar-denominated stablecoin USD1 issued by World Liberty Financial (WLFI) has been officially selected as the official stablecoin used by Abu Dhabi investment agency MGX to complete a US$2 billion investment in Binance. "We thank MGX and Binance for their trust in us, and I think this is just the beginning," Eric Trump said at the Token2049 event in Dubai.

Earlier this year, Abu Dhabi-based investment company MGX spent $2 billion to acquire shares in Binance. World Liberty Financial announced plans to partner with BitGo to issue a dollar-backed stablecoin.