Abu Dhabi Firm Invests $2 Billion Using Trump-Connected Stablecoin

Abu Dhabi, UAE — An investment firm supported by the Emirati government is set to invest $2 billion in cryptocurrency, utilizing World Liberty Financial‘s USD1 stablecoin, according to Zach Witkoff, co-founder of the firm. This announcement came on May 2, 2025, during a crypto convention in Dubai attended by Eric Trump, son of former U.S. President Donald Trump.

Witkoff confirmed that USD1 will be the stablecoin used to complete the investment in Binance, the largest cryptocurrency exchange in the world. “We are excited to announce today that USD1 has been selected as the official stablecoin to close MGX‘s $2 billion investment in Binance,” he said in a video shared on social media. “We thank MGX and Binance for their trust in us, and I think it’s only the beginning.”

The Trump family’s relationship with cryptocurrencies has evolved; Donald Trump once branded digital currency a “scam” but has drawn support for World Liberty Financial alongside his sons since last September. This recent development has attracted scrutiny from cryptocurrency and ethics experts, raising concerns about potential conflicts of interest. Danielle Brian, executive director of the Project on Government Oversight, expressed that the investment raises questions about whether foreign investors could seek favors from Trump’s administration.

Trump has yet to disclose his financial interests connected to World Liberty Financial, but a spokesperson stated that his assets are managed in a trust by his children, claiming there are no conflicts of interest. The convention featured a discussion moderated by Justin Sun, a prominent figure in the crypto world, who also has financial ties to World Liberty Financial.

Witkoff described USD1 as being backed “one-to-one by short-term treasuries and cash equivalents,” aiming to establish it as a well-regulated and transparent stablecoin. Together, the Trumps and the Witkoffs have reportedly raised over $550 million for the initiative.

During the event, Eric Trump highlighted other Trump real estate projects in the UAE, boasting about the swift approval of a new skyscraper which is set to house the world’s highest swimming pool. This illustrates the Trump Organization’s ongoing commitment to expansion in the Middle East, taking advantage of favorable investment landscapes.