USD1 Stablecoin Selected for $2 Billion Settlement Between MGX and Binance
At Token2049 in Dubai, World Liberty Financial said USD1 will be used to settle a $2 billion agreement between MGX and Binance. The DeFi project also announced its integration with Tron.
USD1, the stablecoin issued by World Liberty Financial—a project with ties to the Trump family—will serve as the settlement currency for MGX’s headline-making $2 billion investment in Binance. Co-founder Zach Witkoff and Eric Trump, Executive VP of the Trump Organization, made the announcement at the Token2049 conference in Dubai.
Deal Terms and Additional Announcements
On March 12, 2025, Abu Dhabi’s sovereign wealth fund MGX announced plans to acquire a minority stake in Binance for $2 billion. Speaking at Token2049, Zach Witkoff confirmed that the transaction will be settled using the USD1 stablecoin.
However, it remains unclear whether any additional stablecoins will be used in the deal.
In addition, the team revealed plans to integrate USD1 into the Tron ecosystem and back the stablecoin with:
- U.S. dollar deposits
- Short-term Treasury bills
- Other cash equivalents
Speaking with Tron founder Justin Sun, who invested $75 million in WLFI tokens, Eric Trump outlined plans to expand USD1’s use in both DeFi and CeFi payment systems, including retail adoption.
I believe the crypto world is going to take over the big banks. I think it’s going to leave them in the dust,
said Eric Trump, Executive Vice President of the Trump Organization.
USD1 and the Stablecoin Market Race
World Liberty Financial launched its USD1 stablecoin in March 2025. The token is currently available on Ethereum and BNB Smart Chain, with integration into the Tron network expected soon.
The company plans to conduct monthly attestations and is considering an airdrop for holders of its WLFI token.
On April 28, World Liberty Financial signed a memorandum of understanding with the Pakistan Crypto Council. Former Binance CEO Changpeng Zhao joined the council as a strategic advisor, a move that could pave the way for closer cooperation.
USD1 enters a tightly held market dominated by Tether (USDT) and Circle (USDC), which together control 91% of the $231 billion global stablecoin market. Nevertheless, a series of high-profile partnerships could help USD1 gain a foothold in the space.
Related: Stablecoin Market Cap Surpasses $230B Following Trump’s Endorsement
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