UAE Plans $2B Investment in Trump's Cryptocurrency Firm

A $2 billion deal has been announced in which Abu Dhabi-backed investment firm MGX will use a stablecoin, USD1, developed by World Liberty Financial—a cryptocurrency venture majority-owned by the Trump family—for its investment in crypto exchange Binance. Key Trump family members, including the president, his sons, and the son of his Middle East envoy, are directly involved in the venture, raising significant concerns about conflicts of interest, as the transaction could result in substantial financial gains for the family. The deal highlights the deepening business ties between the Trump family and the UAE’s ruling elite, with MGX chaired by a powerful Emirati official. Critics, such as Senator Elizabeth Warren, have described the arrangement as corrupt, citing the use of a family-controlled stablecoin in a large foreign transaction while Trump is president. The White House has denied any conflict, stating the president's assets are in a trust managed by his children. The deal also reflects the growing global influence of stablecoins and the Trump family's ambitions within the crypto industry.