The stablecoin USD1, reportedly backed by Donald Trump, will be used for MGX’s purchase of a minority stake in Binance. Eric Trump announced the development at the Token2049 event in Dubai on May 1st. He touted USD1 as the most transparent and regulated stablecoin globally.
Using USD1 for this acquisition is intended to showcase its potential for near-instant cross-border transactions. The move highlights the growing adoption of stablecoins in facilitating complex financial deals. Further details regarding the stake purchase and USD1’s regulatory framework are anticipated. This development underscores the ongoing convergence of traditional finance and the burgeoning cryptocurrency landscape.
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