A stablecoin launched by Donald Trump’s World Liberty Financial crypto venture is being used by an Abu Dhabi investment firm for its $2bn investment in crypto exchange Binance, one of World Liberty’s co-founders said on Thursday.

World Liberty, which aims to allow people to access financial services without intermediaries like banks, said in March it would launch USD1, a dollar-pegged stablecoin backed by US treasuries, dollars and other cash equivalents.

Speaking at a crypto conference in Dubai, Zach Witkoff said that USD1 would be used to close the $2bn investment by Abu Dhabi-based MGX into Binance, the world’s biggest crypto exchange.

“We are excited to announce today that USD1 has been selected as the official stablecoin to…