Feed: Slashdot
Feed Link: https://slashdot.org/
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Title: Trump's Stablecoin Chosen For $2 Billion Abu Dhabi Investment In
Binance

Link: https://slashdot.org/story/25/05/01/2040201/t...

Donald Trump's crypto company created a digital dollar called USD1, which is
now being used by a big investor in Abu Dhabi to help fund a $2 billion deal
with Binance, the world's largest crypto exchange. Reuters reports:
Stablecoins are an increasingly lucrative cog in global crypto trading. Their
issuers typically profit by earning interest from the Treasuries and other
assets that underpin them. The value of USD1 in circulation reached about
$2.1 billion on Wednesday, according to CoinMarketCap data, making it one of
the fastest-growing stablecoins. The identity of its major holders, however,
remains unclear. An anonymous cryptocurrency wallet that holds $2 billion
worth of USD1 received the funds between April 16 and 29, according to data
from crypto research firm Arkham. Reuters could not ascertain the owner of
this wallet. Binance founder and former CEO Changpeng Zhao, who was
incarcerated in the United States last year after pleading guilty to
violating U.S. laws against money laundering, met Zach Witkoff and two other
World Liberty co-founders in Abu Dhabi, according to a photo posted on social
media site X on Sunday. "It was great to see our friends," in Abu Dhabi,
posted Zhao in response to the photo, tagging Witkoff. Zhao, who in 2023
stepped down from his role at Binance as part of a $4.3 billion settlement
with the U.S. over the illicit finance charges, remains a major shareholder
of Binance. Separately, Zach Witkoff announced that USD1 would be integrated
into Tron, the blockchain of Hong Kong-based crypto entrepreneur Justin Sun.
Sun is the biggest known investor in World Liberty and an adviser to the
venture, according to his social media posts, having poured at least $75
million into the project. Sun was fighting a U.S. securities fraud lawsuit at
the time of his first investment in World Liberty. The U.S. Securities and
Exchange Commission in February paused its case against him, citing public
interest.

Read more of this story at Slashdot.

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