- Eric Trump announces USD1 stablecoin’s first major use case—a $2 billion Binance investment by AI-focused fund MGX.
- USD1’s market cap skyrockets 1436.23%, now sitting at $2.12 billion following the announcement.
- BNB token reacts, gaining 1.5% as MGX makes the largest institutional crypto investment to date.
Speaking at today’s Token2049 in Dubai, Eric Trump announced that his family’s dollar-pegged stablecoin—$USD1—developed by the DeFi platform World Liberty Financial, will be used for MGX’s $2 billion investment in Binance.
This development is especially significant because it gives USD1, a still ‘infant’ stablecoin, a reliable use case as a financial vehicle.
MGX is an Abu Dhabi-based AI and advanced technology investment fund focused on supporting blockchain’s transformative impact on global finance. Its $2 billion investment in Binance—the largest single institutional investment in a crypto company to date—is being made entirely in USD1 stablecoin.
Venturing into the AI-powered blockchain market, MGX wishes to leverage its position as a minority stakeholder in Binance to drive innovation at the intersection of AI, finance, and blockchain.
USD1 is also said to soon integrate the TRON blockchain, according to Eric Trump himself. Justin Sun, founder of TRON and WLFI advisor, had reportedly invested $30 million into the project soon after Donald Trump won the election in November of last year.
Market reaction was fast—since the announcement, Binance’s native token, BNB, saw a 1.7% daily price increase during its peak at $604 — currently trading at $600 according to CoinMarketCap. Meanwhile, USD1 saw its market capitalization jump by 1436.23%, going from $138 million a couple of hours prior to the current $2.12 billion market cap.
Looking for a great trading opportunity? The first 100 users on WEEX can get a 100 USDT bonus, and by trading just 5M USDT, you can unlock up to 30,000 USDT in futures bonuses. Don’t miss out on this limited-time offer. Sign up now and start trading to claim your rewards.
