Eric Trump: USD1 will be used for $2B MGX investment in Binance
Abu Dhabi-based investment firm MGX will use a stablecoin linked to US President Donald Trump’s family to settle a $2 billion investment in Binance, the world’s largest cryptocurrency exchange.
The World Liberty Financial USD (USD1) US dollar-pegged stablecoin was launched by the Trump-associated crypto platform World Liberty Financial (WLFI) in March 2025.
MGX will use the USD1 stablecoin for its $2 billion investment in the Binance exchange, according to an announcement by Eric Trump during a panel discussion at Token2049 in Dubai. Trump, the son of the president, serves as executive vice president of the Trump Organization.
MGX announced its investment in Binance on March 12, marking the first institutional investment in the exchange and one of the biggest funding deals in the entire Web3 industry.
At the time, Binance declined Cointelegraph’s request to disclose what stablecoin was used in the transaction.
This marks the Abu Dhabi-based investment firm’s first venture into the cryptocurrency space.
Related: Trump turned crypto from ‘oppressed industry’ to ‘centerpiece’ of US strategy
Banks, financial system is “a joke,” says Eric Trump
During the panel discussion, Eric Trump criticized the inefficiencies and limited operating hours of the traditional financial system:
“The US is seeing that the financial world has to progress. It’s a joke. 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 added.
Related: Stablecoins, tokenized assets gain as Trump tariffs loom
The average transaction time on the SWIFT payment network is 20 hours and seven minutes, according to analysis published by Statrys. However, 75% of SWIFT transactions involve one or two intermediary banks, meaning that these average 1 day and 11 hours to settle.
In contrast, a USDt (USDT) or USDC (USDC) stablecoin transaction on Ethereum will settle within two to five 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,” Eric Trump added.
Magazine: SEC’s U-turn on crypto leaves key questions unanswered