Editor's PiCK
Trump's Second Son: USD1 to be Used for MGX's Binance Investment... Tron Integration Also Planned
Summary
- Eric Trump announced that USD1 has been adopted as the payment method for MGX's $2 billion Binance investment.
- USD1 is set to be integrated into the TRON ecosystem, with support from Justin Sun.
- Eric Trump emphasized USD1 as a fully backed stablecoin, highlighting its transparency and regulatory friendliness.
Eric Trump, the second son of President Donald Trump, announced that the stablecoin project USD1 is set to be used for MGX's investment in Binance.
According to CoinDesk, a cryptocurrency-focused media outlet, Eric Trump stated at the Token2049 event held in Dubai on the 1st (local time) that "USD1 has been officially adopted as the payment method for MGX's $2 billion stake investment in Binance." He added, "USD1 is also set to be integrated into the TRON (TRX) ecosystem, with support from Justin Sun."
MGX is an Abu Dhabi-based investment firm that invested $2 billion in the global cryptocurrency exchange Binance earlier this year. USD1 is a dollar-pegged stablecoin currently being co-developed by World Liberty Financial, led by the Trump family, and BitGo.
Eric Trump emphasized that "USD1 will be a stablecoin fully backed by short-term U.S. Treasury bonds and cash-equivalent assets, facilitating cross-border transfers with transparency and regulatory friendliness."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.![[Market] Bitcoin breaks below $68,000 as losses deepen](https://media.bloomingbit.io/PROD/news/3a08fe32-6a33-4a62-bb89-4afb5c5399ca.webp?w=250)
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