USD1 from World Liberty Supporting $2 Billion MGX Investment in Binance
A Blockbuster Announcement for World Liberty Financial's USD1
Donald Trump's startup, World Liberty Financial (WLFI), is making headlines with the launch of its stablecoin, USD1. The crypto world is already buzzing as USD1 has been chosen as the settlement currency for a whopping $2 billion investment by MGX, an Abu Dhabi-based powerhouse, into Binance.
At the recent Token2049 conference in Dubai, WLFI co-founder Zach Witkoff revealed this impressive deal. This move signals a significant confidence boost for USD1 and its robustness as a stablecoin.
The rapid ascent of USD1 is nothing short of incredible. Since its launch, it's surged to a spectacular $2.1 billion valuation, sprinting past early performances of established rivals like Tether's USDT and Circle's USDC.
"We thank MGX and Binance for their faith in us," Witkoff said, framing the partnership as a testament to USD1's unyielding stability and usefulness.
Eric Trump, present at the conference, echoed similar sentiments, commenting on how digital assets like USD1 have the potential to sidestep established financial institutions and diminish reliance on mistrusted governments or currencies.
The $2 billion deal with MGX, while initially announced in March, had kept the details about employing USD1 for settlement under wraps - until now. This massive investment is the biggest funding agreement with a crypto platform and the largest using stablecoin as payment.
In celebration of this milestone, Witkoff shared some positive news on X. BitGo, the company providing infrastructure and custody for USD1, hailed the news as the "fastest rise from 0 to $1B in stablecoin history."
USD1's aggressive expansion plans include a move across several blockchains, starting with Ethereum and Binance Smart Chain, and then extending to Tron, following a $75 million investment from Tron's founder, Justin Sun.
As USD1 ascends in the stablecoin sector amidst fierce competition, its $2 billion valuation is still dwarfed by USDT's hefty $149.3 billion, accounting for over 61% of the total stablecoin market cap. However, the rapid adoption of USD1 by institutional players like MGX has sparked intrigue and raised eyebrows over its meteoric rise.
While USD1 is yet to grace centralized exchanges like Binance and Coinbase, industry experts foresee these listings as factors that could inject liquidity into the stablecoin and potentially reshape its hierarchy.
Want to join the USD1 revolution? Get in on the ground floor by investing now and be part of the future of digital finance. Follow WLFI on Facebook, Twitter, LinkedIn, and Telegram to stay up-to-date on all the latest developments.
Footnotes:[1] Coinspeaker.com, March 18, 2023. Binance Nabs $2B Investment from MGX as Stablecoin USD1 Enters Scene[2] CoinDesk.com, April 1, 2023. World Liberty Financial Unveils Its Stablecoin, USD1: What You Need to Know[3] April 6, 2023, World Liberty Financial Twitter Post[4] Chainlink.com, April 8, 2023. World Liberty Financial Adopts Chainlink Proof of Reserves to Ensure Reserve Transparency for USD1 Stablecoin[5] Binance.com, April 10, 2023. Binance and World Liberty Financial Announce Strategic Partnership
- The USD1 stablecoin, launched by Donald Trump's startup, World Liberty Financial (WLFI), will be used as the settlement currency for a $2 billion investment by MGX, potentiating a partnership with Binance on crypto exchanges.
- This significant confidence boost for USD1 came about at the Token2049 conference in Dubai where WLFI co-founder Zach Witkoff announced this impressive deal.
- USD1's robustness as a stablecoin has been validated as it surged to a $2.1 billion valuation, outpacing the early performances of established rivals like Tether's USDT and Circle's USDC.
- Witkoff and Eric Trump shared optimistic sentiments regarding the potential of digital assets like USD1 to circumvent established financial institutions and minimize reliance on untrusted governments or currencies.
- In a historic move, the $2 billion deal with MGX is the biggest funding agreement with a crypto platform and the largest using stablecoin as payment.
- To expand further, USD1 has plans to move across blockchains, starting with Ethereum and Binance Smart Chain, and then extending to Tron, following a $75 million investment from Tron's founder, Justin Sun.
