Trump family could make hundreds of millions from Abu Dhabi crypto investment
MGX, a fund backed by Abu Dhabi, will make a $2 billion investment in the cryptocurrency exchange Binance Holdings Ltd using a digital coin developed by a Trump family firm.
President Donald Trump’s son Eric announced on Thursday that the USD1 stablecoin, developed by his family’s World Liberty Financial, will be the official stablecoin backing MGX’s investment in crypto exchange Binance. The deal with the foreign government is expected to generate hundreds of millions of dollars for the Trump family.
Stablecoins are cryptocurrencies that aim to maintain a one-to-one value with a less volatile asset like the U.S. dollar. Typically, they do this by relying on reserves of cash…
