USD1 stablecoin to settle $2B MGX deal with Binance

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Grafa2025/05/02 07:10

By:Mahathir Bayena

Abu Dhabi-based investment firm MGX will use a Trump-affiliated stablecoin to complete a $2 billion investment into cryptocurrency exchange Binance, according to Eric Trump.

Speaking at the Token2049 event in Dubai, Trump confirmed that the transaction will be settled using World Liberty Financial USD (CRYPTO:USD1), a US dollar-pegged stablecoin launched in March 2025 by World Liberty Financial, a crypto platform connected to the Trump family.

Trump, who serves as executive vice president of the Trump Organization, revealed the payment method during a panel discussion.

MGX first announced its investment into Binance on March 12, marking both its entry into the crypto sector and the first institutional investment received by Binance.

The firm had not previously disclosed what stablecoin would be used.

Eric Trump used the panel appearance to criticise traditional banking practices.

He argued that the current financial system is outdated, referencing limited banking hours and inefficient processes.

“The US is seeing that the financial world has to progress. It’s a joke,” he said.

“Why do banks run nine to five, Monday to Friday, with an hour and a half of lunch break? It doesn’t make sense.”

“Sending money internationally through SWIFT is slow, costly, and complex. Crypto makes banks redundant,” he further emphasised, highlighting the advantages of cryptocurrency over traditional systems.

According to data from Statrys, SWIFT payments take an average of 20 hours and 7 minutes to complete, often involving one or more intermediary banks, which can extend settlement times to over a day.

By contrast, stablecoin transactions such as USDT (CRYPTO:USDT) or USDC (CRYPTO:USDC) on Ethereum (CRYPTO:ETH) typically settle within minutes.

“We’re at the dialogue phase of the crypto revolution right now, and the people who are going to make it big are the people who see it today, not in five years,” Trump said.

Binance has not publicly commented on the transaction details.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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