A groundbreaking development in the cryptocurrency world was unveiled at the TOKEN2049 event in Dubai.
Eric Trump, son of the former US President Donald Trump, announced a new dollar-backed stablecoin named USD1 by World Liberty Financial (WLFI). This stablecoin is poised to be used in a significant $2 billion investment agreement with Binance. Trump’s disclosure isn’t only attracting attention for its financial implications but also for its political and technological impacts. He also mentioned that USD1 would soon integrate with the TRON Blockchain, with support from Justin Sun in this process.
USD1 Coin Powers $2 Billion Binance Investment
According to Eric Trump, the altcoin USD1 is fully backed by short-term U.S. Treasury bonds and cash equivalents. Transparency and user security are touted as the foundational principles of USD1. Trump emphasized that the stablecoin should not only cater to cross-border transactions but also provide regulatory-compliant, secure frameworks.
Earlier this year, Abu Dhabi-based investment firm MGX announced its intention to invest $2 billion into Binance, the world’s largest cryptocurrency exchange. Eric Trump confirmed that this significant agreement would employ the USD1 altcoin.
This will enhance the integration of stablecoins into regulated financial systems, while also tightening the bond between traditional capital and the cryptocurrency market.
Witkoff: “More is Coming Soon”
WLFI co-founder Zach Witkoff, who spoke at the event, revealed the expansion plans of the project. The company aims to integrate not only with decentralized finance (DeFi) but also central finance (CeFi) and traditional individual systems. Witkoff declared, “More is coming soon, stay tuned,” as he expressed the intention to broaden USD1’s global utility.
With USD1’s integration into the TRON ecosystem, users will benefit from low-cost and fast transfer capabilities. The process, supported by Justin Sun, could allow USD1 to rapidly reach a vast user base. This development indicates that the TRON Blockchain is once again playing a pivotal role in global monetary transfers.
