The stablecoin USD1, developed by Donald Trump’s World Liberty Financial, is being used by Abu Dhabi-based MGX to finalize a $2 billion investment in Binance, the world’s largest cryptocurrency exchange, according to WLF’s co-founder Zach Witkoff.
Speaking at the TOKEN2049 conference in Dubai, Witkoff said USD1 has been selected as the official stablecoin for the deal. Backed by U.S. Treasuries, dollars, and other cash equivalents, USD1 has quickly grown in circulation to $2.1 billion.
The identities of major holders remain unknown, though a single anonymous wallet received $2 billion worth of USD1 between April 16 and 29, according to data from Arkham.
Witkoff also announced that USD1 will be integrated with the Tron blockchain, founded by Justin Sun, a major investor in World Liberty and advisor to the venture. Sun, who has invested at least $75 million, moderated the panel where Witkoff spoke.
Eric Trump also joined them onstage. Despite criticism from ethics experts and political opponents, the Trump Organization insists the former president has no involvement in the daily operations of World Liberty or his other crypto ventures.
Thousands of cryptocurrency professionals and enthusiasts have gathered in Dubai for TOKEN2049. Although the industry initially rallied after Trump’s election win and pro-crypto pledges, market enthusiasm has since cooled. Bitcoin is down roughly 12% from its peak as global trade tensions and slower-than-expected U.S. regulatory changes have tempered optimism.
Nevertheless, venture capital investment in crypto surged to $5.4 billion in the first quarter of 2025, the best performance since mid-2022. Attendees expressed mixed views on Trump’s influence—some optimistic about regulatory easing, others wary of the broader economic impact.
Dubai is emerging as a major global hub for cryptocurrency. Binance, which has faced legal challenges in the U.S., is strengthening ties with the UAE through MGX’s investment.
The Trump Organization has launched a new real estate project in Dubai that accepts bitcoin payments. Emirates NBD has introduced crypto trading on its Liv platform and the city’s DMCC free zone, home to over 600 crypto firms, is planning to open a dedicated “crypto tower” in 2027. Despite regulatory uncertainties elsewhere, Dubai remains a highly attractive environment for crypto businesses.
