Abu Dhabi-based funding agency MGX will use a stablecoin linked to US President Donald Trump’s household to settle a $2 billion funding in Binance, the world’s largest cryptocurrency change.
The World Liberty Financial USD (USD1) US dollar-pegged stablecoin was launched by the Trump-associated crypto platform World Liberty Monetary (WLFI) in March 2025.
MGX will use the USD1 stablecoin for its $2 billion funding within the Binance change, in accordance with an announcement by Eric Trump throughout a panel dialogue at Token2049 in Dubai. Trump, the son of the president, serves as government vp of the Trump Group.
MGX announced its funding in Binance on March 12, marking the primary institutional funding within the change and one of many largest funding offers in the whole Web3 trade.
On the time, Binance declined Cointelegraph’s request to reveal what stablecoin was used within the transaction.
This marks the Abu Dhabi-based funding agency’s first enterprise into the cryptocurrency house.
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Banks, monetary system is “a joke,” says Eric Trump
Throughout the panel dialogue, Eric Trump criticized the inefficiencies and restricted working hours of the standard monetary system:
“The US is seeing that the monetary world has to progress. It’s a joke. Why do banks run 9 to 5, Monday to Friday, with an hour and a half of lunch break? It doesn’t make sense.”
Sending cash internationally by way of SWIFT is gradual, expensive, and complicated. Crypto makes banks redundant,” he added.
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The typical transaction time on the SWIFT cost community is 20 hours and 7 minutes, in accordance with analysis printed by Statrys. Nevertheless, 75% of SWIFT transactions contain one or two middleman banks, that means that these common 1 day and 11 hours to settle.
In distinction, a USDt (USDT) or USDC (USDC) stablecoin transaction on Ethereum will settle inside two to 5 minutes.
“We’re on the dialogue section of the crypto revolution proper now, and the people who find themselves going to make it large are the individuals who see it at present, not in 5 years,” Eric Trump added.
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