Abu Dhabi-backed MGX has chosen to settle its $2 billion investment in crypto exchange Binance using a new stablecoin called USD1, a cryptocurrency associated with the family of former US President Donald Trump.
Noelle Camilleri, the fund’s communications officer, explained that the crypto settlement option came at Binance’s request, noting that this step is in line with the trend toward promoting the safe and reliable use of cryptocurrencies.
According to a Forbes report, approximately 38% of the cryptocurrency issuer, World Liberty Financial, is owned by Trump and several members of his family.
The currency is based on a mix of dollar-denominated assets, including cash deposits and highly liquid short-term US Treasury bills, providing it with stable support.
The market cap of USD1 has reached approximately $2.7 billion, making it the sixth-largest stablecoin globally.
Data from CoinGecko reveals that Binance now holds approximately 75% of the total supply of this coin, reflecting its growing reliance on the platform.
This deal highlights the intersection of politics, finance, and technology, enhancing the status of stablecoins as an investment vehicle while also revealing the intertwined connections between major US political families and international capital.
