The stablecoin USD1 was chosen by MGX, an AI and cutting-edge technology investor based in Abu Dhabi, for investment in the cryptocurrency exchange Binance. The news broke last month that MGX will invest $2 billion in Binance, the biggest investment in a cryptocurrency startup to date.
Zach Witkoff, a co-founder of the Trump family’s decentralised financial system World Liberty Financial (WLF), announced in Dubai. On stage at the Token2049 Dubai, he was accompanied by Justin Sun, a Chinese-born cryptocurrency millionaire who invented the cryptocurrency TRON, and Eric Trump.
Madinat Jumeirah hosted the event on April 30 and May 1. The event brought together over 15,000 individuals from the crypto sector to network and share ideas through more than 500 side sessions. It is one of several international conferences scheduled to take place in various locations worldwide. Three UAE businesses declared earlier this week that a stablecoin backed by the dirham will be launched.
The Central Bank of the United Arab Emirates (CBUAE) will oversee the stablecoin, which IHC, ADQ, and First Abu Dhabi Bank support. After regulatory clearances, the nation’s biggest bank, FAB, will issue the stablecoin.
According to the UAE companies, the dirham-backed stablecoin is intended to facilitate payments in a future where value, identity, and governance are all freely, safely, and verifiably exchanged. Businesses, organisations, and people alike will utilise this stablecoin as a dependable digital money in a variety of real-world situations.
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