World Liberty Financial’s official stablecoin, USD1, will be integrated into the Tron network as it prepares to mint millions of dollars worth of tokens at the start of the partnership.
On the Token2049 stage on May 1, Tron (TRX) founder Justin Sun announced the network will be collaborating with Trump-backed crypto venture World Liberty Financial by integrating its stablecoin USD1 into the blockchain.
“I’m really honored, we can collaborate with USD1 on launching this stablecoin to further make this available to 7 billion people on Earth,” said Sun during his fireside session with Eric Trump and World Liberty Financial co-founder Zach Witkoff.
Witkoff revealed that the project’s stablecoin, which is pegged to the U.S. dollar and backed by short-term U.S. government treasuries, U.S. dollar deposits, and other cash equivalents, will be natively integrated into the Tron network.
“We’re very excited about that. We should be minting, you know, in the hundreds of millions of dollars to start, and I expect it to reach many billions of market cap very shortly,” said Witkoff.
Sun officially joined World Liberty Financial as an advisor in November 2024. He also invested around $30 million into the Donald Trump-backed decentralized finance project, becoming its largest investor.
Not only that, Sun is also the current top holder of the official Trump (TRUMP) meme coin based on the leaderboard made ahead of the exclusive dinner for the Solana-based token’s top 220 holders.
MGX’s 2 billion USD1 investment in Binance
Most recently, Witkoff announced that the USD1 stablecoin has been selected as the official cryptocurrency used to facilitate Abu Dhabi backed investment vehicle MGX’s $2 billion investment into Binance.
“We thank MGX and Binance for their trust in us and I think it’s only the beginning,” said Witkoff during the conference.
The $2 billion investment marks the largest investment ever paid in crypto, facilitated through WLF’s stablecoin. It is also the biggest investment ever made into a crypto firm.
MGX’s investment represents the AI and advanced technology investment firm’s first foray into the cryptocurrency and blockchain industry, securing a minority stake in Binance as part of a broader strategy to support blockchain’s transformative impact on society.
By partnering with Binance, MGX aims to advancing the transformative potential of blockchain in digital finance as well as accelerate institutional adoption of cryptocurrency, as previously reported by crypto.news.
