At the Token2049 event in Dubai, Eric Trump announced that the USD1 stablecoin from World Liberty Financial will be used to close MGX's $2 billion investment in Binance.
Announcement of USD1 as the Official Stablecoin
Eric Trump announced that USD1 will serve as the official stablecoin for closing MGX's investment in Binance. Zach Witkoff, co-founder of World Liberty Financial, highlighted the aim of establishing USD1 as a preferred choice in DeFi and CeFi ecosystems.
Critique of Traditional Financial Systems
Trump pointed out the inefficiencies and high costs of the traditional financial system, emphasizing that modern cryptocurrencies render banks almost unnecessary. He also noted that transactions using stablecoins occur much faster than those via systems like SWIFT.
Importance of the Deal for Binance
Binance confirmed that the MGX investment is a significant milestone for the crypto industry. CEO Richard Teng stated that the deal strengthens the exchange's presence in the Middle East and contributes to the company's strategic expansion.
Thus, the announcement of using USD1 in the MGX deal with Binance highlights the importance of stablecoins in modern financial operations and may act as a catalyst for changes in the digital asset space.
