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Last week, Trump’s World Liberty Financial project announced a lucrative deal: its brand new USD1 stablecoin will be used for a $2 billion deal between the Emirati MGX investment firm and the Binance crypto exchange.
#crypto #cryptocurrency #USpolitics #USpol
![Onstage in Dubai with shady crypto billionaire Justin Sun [I71], President Trump’s son Eric and World Liberty Financial co-founder Zach Witkoff announced that the state-backed Emirati investment firm MGX would be taking a $2 billion stake in the Binance cryptocurrency exchange, using the World Liberty-issued USD1 stablecoin to complete the transaction. USD1 is a brand new stablecoin, and there’s little reason to use the unproven token over a traditional financial transfer or more established stablecoin other than to cozy up to the Trumps. World Liberty Financial, the Trump venture that issues USD1, profits from deals like this by earning yield on the stablecoin’s backing assets, which function essentially as an interest-free loan to the Trumps. “Virtually every detail of [the] announcement ... contained a conflict of interest,” observed the New York Times.
Photograph of Justin Sun, Zach Witkoff, and Eric Trump onstage at Token2049 in Dubai](/proxy/post_attachment/496770/30976b607c.png "Onstage in Dubai with shady crypto billionaire Justin Sun [I71], President Trump’s son Eric and World Liberty Financial co-founder Zach Witkoff announced that the state-backed Emirati investment firm MGX would be taking a $2 billion stake in the Binance cryptocurrency exchange, using the World Liberty-issued USD1 stablecoin to complete the transaction. USD1 is a brand new stablecoin, and there’s little reason to use the unproven token over a traditional financial transfer or more established stablecoin other than to cozy up to the Trumps. World Liberty Financial, the Trump venture that issues USD1, profits from deals like this by earning yield on the stablecoin’s backing assets, which function essentially as an interest-free loan to the Trumps. “Virtually every detail of [the] announcement ... contained a conflict of interest,” observed the New York Times.
Photograph of Justin Sun, Zach Witkoff, and Eric Trump onstage at Token2049 in Dubai")
