Trump's second son Eric Trump: USD1 will be used to settle MGX's $2 billion investment in Binance

Abu Dhabi-based investment firm MGX will use a stablecoin associated with the family of U.S. President Donald Trump to settle its $2 billion investment in Binance, the world’s largest cryptocurrency exchange.

Trump-related crypto platform World Liberty Financial (WLFI) launched a stablecoin pegged to the U.S. dollar, World Liberty Financial USD (USD1), in March 2025.

Trump’s second son Eric Trump announced during a panel discussion at the Token2049 conference in Dubai that MGX will use the USD1 stablecoin for its $2 billion investment in the Binance exchange. Eric Trump is the executive vice president of the Trump Organization.

MGX announced its investment in Binance on March 12, marking the exchange’s first institutional investment and one of the largest funding deals in the entire Web3 industry.

At the time, Binance rejected Cointelegraph’s request to disclose the stablecoin used in the transaction.

This marks the first foray into the cryptocurrency space by the Abu Dhabi-based investment firm.

Eric Trump: Banks and the financial system are "a joke"

During the panel discussion, Eric Trump criticized the inefficiency and limited business hours of the traditional financial system: "America realizes that the financial world must progress. This is simply a joke. Why are banks only open from nine to five, Monday through Friday, and take an hour and a half lunch break? It doesn't make sense."

He added, "International remittances through SWIFT are slow, expensive and complicated. Cryptocurrency makes banks redundant."

According to analysis released by Statrys, the average transaction time on the SWIFT payment network is 20 hours and 7 minutes. However, 75% of SWIFT transactions involve one or two intermediary banks, which means that these transactions take an average of 1 day and 11 hours to settle.

In contrast, transactions using Ethereum for Tether (USDT) or USDC stablecoins will settle in two to five minutes.

"We are now in the conversation stage of the crypto revolution, and those who see the opportunity today, not five years from now, will achieve great success," Eric Trump added.