The founder of the Trump cryptocurrency store, who sat in front of a wrapped auditorium in Dubai, made a short but monumental announcement on Thursday. The Fund supported by Abu Dhabi, said, will conclude a $ 2 billion trade agreement using Trump Company’s digital coins.
This transaction would be the main contribution of the foreign government to President Trump’s private enterprise – the one that generates hundreds of millions of dollars for Trump’s family. And it is a public and live illustration of ethical conflicts that are swirling around the crypto of Mr. Trump, which blurred the border between the company and the government.
Zach Witkoff, the founder of the Trump Family, the World Liberty Financial, revealed that the so -called stablecoin developed by the company would be used to complete the transaction between the Emirati investment company supported by the MgX and Binance, the largest cryptocurrency.
Virtually every detail of Mr. Witkoff, who was made during the conference panel with the second most of Mr. Trump, contained a conflict of interest.
The use of World Liberty Stablecoin, USD1, MGX, Trump’s family company brings a risk -supported company supported by a foreign government. The agreement creates a formal connection between World Liberty and Binance-Society, which has been supervised by the US government since 2023, when it admitted that it violated the federal laws on money laundering.
And the NAPLASHY announcements served as an advertisement for crypto investors around the world about the potential of forming a partnership with the President Trump company, which is listed as the main crypt of World Liberty.
“We thank Mgx and Binance for their trust in us,” said Mr. Witkoff, who is the son of a White House ambassador in the Middle East, Steve Witkoff. “It’s just the beginning.”
Mr. Witkoff and Eric Trump spoke on the Token2049 panel, the main crypto conference in the United Arab Emirates, where more than 10,000 digital currencies were collected for one week of network. It was the last stop for Mr. Witkoff’s international tour, who visited Pakistan with his business partners last month to meet Prime Minister and other government officials. Eric Trump, who operates a family business, spent a week in Dubai, where he announced plans to support the hotel and towers of the Trump brand.
The president himself is ready to travel to Saudi Arabia, Qatar and SAE on a state visit in two weeks.
The panel of his son with Mr. Witkoff was the most anticipated event of the Dubai Conference. The auditorium, inside the luxury resort on the Gulf coast, was full of investors crypto from around the world, many of whom had to stand in the streets or lean on the pillows that were based on the walls to follow the conversation.
“That’s just one incredible country,” said Mr. Witkoff from the stage. “One of the most innovative, not the most innovative Earth on planet Earth today.”
Representatives of Binance, MGX and World Liberty did not respond to requests for comment.
As soon as a cryptic skeptic, President Trump accepted digital currencies last year when the industry poured tens of millions of dollars into the 2024 elections. In September he and his sons revealed World Liberty, which they built as a new type of Internet bank that would allow people to borrow and borrow money using cryptocurrencies.
Since then, World Liberty has sold $ 550 million worth of new cryptocurrencies called $ WLFI, with a large reduction in income earned for a business entity bound to Trump family. In March, the company also created a stablecoin – a type of digital currency designed to maintain a $ 1, which is suitable for large transactions because its value does not rotate as stock.
The company’s conduct has created a conflict of interest without precedens in modern American history. Some of the investors who bought a $ WLFI coin are foreign nationals who have been forbidden to support the President through the campaign or gifts to the inauguration fund. And many of the company’s company partners have clear incentives to grasp the federal government because they are trying to expand to the US market.
Even the list of prefabs on the stage in Dubai stressed how much Trump’s business interests are now blurring the politics and regulation of the United States.
Sitting alongside Mr. Witkoff and Eric Trump was one of World Liberty, Justin Sun, a billionaire who was born a Chinese that operates a crypto platform Tron. After the elections, Mr. Sun bought $ 75 million in $ WLFI coins.
About a year earlier, Mr. Sun’s securities and stock exchanges were sued and accused him of manipulating the price of the Tron Cryptocurrency. When Mr. Trump joined the office, SEC asked the federal judge to stop the case while the agency negotiated an agreement, which the judge did.
“I just had to thank you for support, Justine,” Mr. Witkoff said. “TRON is just an incredible technology and we are lucky to be partners with you.”
Soon Mr. Witkoff gave a large revelation of the panel.
In March, Binance announced that the MGX, an investment fund supported by the government of Abu Dhabi, invests $ 2 billion in the stock exchange using Stablecoins. But which specific stablecoin would use it to be published.
The coin elected for the transaction was USD Liberty11, Mr. Witkoff said.
“Wow,” Mr. Sun replied.
MGX and Binance leaders had high -betting officials.
MGX is led by Sheikh Tahoon bin Zayed Al Nahyan, Emirati Royal, who serves as a national advisor to national security. In March Šejk Tajk Tahon visited The United States for meeting President Trump and some of its members and cabinet consultants.
In 2023, Binance admitted to the accusation of violating US laws against money and allowing criminals to transact on their platform. As part of the settlement with the Ministry of Justice and other federal agencies, the company was placed under the monitoring of the Ministry of Finance to ensure that it would comply with the law.
In recent months, the founder of Binance ChangPeng Zhao has been looking for forgiveness from Trump’s administration after confessing to disrupting money and spending four months in a federal prison.
The role of USD1 in the Binance agreement with MGX provides great financial support for world freedom.
Stablecoin issuers, such as World Liberty, earn money by receiving deposits from investors, giving them stablecoins in return, and then investing these deposits to create a yield that the issuer maintains.
The exact details of World Liberty with MGX and Binance are unclear. However, with one agreement, World Liberty now has $ 2 billion investment. These funds themselves could generate tens of millions of dollars a year in Trump’s family income and its partners in World Liberty.
In the end, Mr. Witkoff said from the stage in Dubai, expects the World Liberty Stablecoin to be even greater and achieve “many billions of market caps”.
One day he continued, visitors to the United Arab Emirates could even use the USD1 coin to pay in four seasons in Abu Dhabi.
This is what Eric Trump broke through with correction.
“You won’t go to four seasons using USD1,” he said. “You’ll go to Trump International Hotel and Tower.”
