Eric Trump announced MGX’s $2 billion investment in Binance will use USD1, a stablecoin linked to his family. The investment was revealed at Token2049 in Dubai and marks MGX’s debut in crypto, with Trump criticising traditional banks for their inefficiencies. He emphasised the need for financial systems to evolve and cited the rapid transaction times of stablecoins as evidence of a pending transformation in global finance.
Eric Trump recently revealed that the Abu Dhabi-based investment firm MGX will be utilising a stablecoin linked to his family’s name to facilitate a whopping $2 billion investment in Binance, the largest cryptocurrency exchange globally. The stablecoin, known as World Liberty Financial USD (USD1), was introduced by the Trump-affiliated crypto company World Liberty Financial (WLFI) in March 2025. During a panel discussion at the Token2049 event in Dubai, Trump disclosed this noteworthy development while also pointing out his role as executive vice president at the Trump Organization.
The announcement of MGX’s investment in Binance on March 12 marks a significant milestone, noted as the first institutional investment into the digital exchange and one of the largest funding initiatives within the Web3 landscape. When Cointelegraph inquired about which stablecoin would actually be used in the transaction, Binance opted not to provide details, leaving some questions lingering regarding operational specifics.
This move represents MGX’s inaugural venture into the cryptocurrency realm, a sector that’s been gaining traction worldwide — particularly in light of evolving market dynamics. Eric Trump, during the discussion, had sharp feelings about traditional banking systems, describing them as inefficient, slow, and out of touch. He vocally challenged why banks maintain such limited hours and elaborate processes, stating, “The US is seeing that the financial world has to progress. It’s a joke. Why do banks run nine to five, Monday to Friday, with an hour and a half of lunch break?”
Eric’s comments reflect a growing sentiment that the traditional banking industry’s methods simply don’t hold up against the rapid advancements of cryptocurrency technology. He pointed to the slow nature of international money transfers via SWIFT, which according to analysis from Statrys, can stretch from 20 hours to over a day due to the involvement of intermediary banks that complicate and delay transactions.
In stark contrast, using stablecoins like USDt or USDC on the Ethereum blockchain can result in settlements occurring in just two to five minutes. “We’re at the dialogue phase of the crypto revolution right now, and the people who are going to make it big are the people who see it today, not in five years,” Eric noted, implying that early adopters stand to benefit significantly in the evolving financial landscape. This statement speaks volumes about the current shifts and potential upheavals within global finance, leaving many investors keenly watching the developments within the crypto sphere.
