World Liberty Financial, a state-backed firm in Abu Dhabi, has announced a major investment in cryptocurrency. The $2 billion investment will be conducted through USD1, a stablecoin associated with Donald Trump.
Investment and New Stablecoin
At a crypto convention in Dubai, World Liberty Financial confirmed that USD1 will be used to close the investment in Binance. Co-founder Zach Witkoff stated, "We are excited to announce today that USD1 has been selected as the official stablecoin to close MGX’s $2 billion investment in Binance."
Trump Connection and Ethics
Trump and his family are actively involved in this venture, despite his earlier skepticism about cryptocurrency. Ethics experts express concern about Trump's financial interests in the crypto industry. Danielle Brian, executive director of the Project on Government Oversight, noted: "The president is exploiting the loopholes in ethics laws that allow sitting presidents to retain financial interests."
Blockchain Integration and Company Plans
World Liberty Financial aims to integrate USD1 with the Tron blockchain, founded by Justin Sun, who is also an investor in the company. Witkoff mentioned that USD1 will be "the most transparent, the most regulated stablecoin in the world," adding that the company plans to mint hundreds of millions to billions of dollars’ worth of tokens.
Thus, Trump’s involvement in the cryptocurrency industry and the creation of stablecoin USD1 suggest significant changes in the market, although ethical and regulatory concerns remain pertinent.
