Trump Family Crypto Venture Involved in $2B Emirati Investment Deal
May 2, 2025
By Soo Rin Kim and Lucien Bruggeman, ABC News
In a significant development for the Trump family’s foray into cryptocurrency, an Emirati investment firm has committed to a $2 billion investment in a business deal that includes the Trump-backed World Liberty Financial. This announcement was made during the Token 2049 crypto conference in Dubai, where Eric Trump, son of former President Donald Trump, participated in a discussion about the family’s ventures in the digital currency space.
Major Investment from Emirati Firm
The investment, backed by a state-owned firm in Abu Dhabi, is set to use World Liberty Financial’s stablecoin, USD1. Zach Witkoff, co-founder of World Liberty Financial, confirmed that USD1 has been selected as the official stablecoin to facilitate the Emirati firm MGX’s investment in the crypto exchange Binance. "We are excited to announce today that USD1 has been selected as the official stablecoin to close MGX’s $2 billion investment in Binance," Witkoff stated during the conference.
Political and Ethical Considerations
This deal comes at a time when the intersection of politics and cryptocurrency remains a hot topic of discussion. Critics have expressed concerns that foreign investments like this could be used to influence U.S. policies, particularly given the Trump administration’s previous regulatory decisions regarding cryptocurrencies. Danielle Brian, executive director of the Project on Government Oversight, remarked, "Essentially, the president is taking the weakness in our current ethics laws and taking it to a whole new level in this administration."
While Donald Trump has publicly shifted his stance on cryptocurrencies after initially dismissing them as a “scam,” the details surrounding potential conflicts of interest remain murky. The Trump Organization has yet to release comprehensive financial disclosures from his time in office, leaving questions about how closely tied his business interests are to his political influence.
World Liberty Financial’s Future Plans
Witkoff expressed ambitious goals for World Liberty Financial, which he and Eric Trump hope to integrate into day-to-day retail transactions. The company is positioning the USD1 coin as both transparent and stable, claiming it will be "backed one-to-one by short-term treasuries and cash equivalents." During the cryptocurrency conference, Witkoff highlighted plans for extensive coin minting, estimating the potential to generate hundreds of millions to billions in coins in collaboration with Tron, a cryptocurrency founded by Justin Sun, who has also heavily invested in World Liberty Financial.
Building Relations in the UAE
In addition to the announcements regarding cryptocurrency, Eric Trump discussed the Trump Organization’s other ventures in the UAE. He highlighted a recent achievement in acquiring permits for a new skyscraper that is expected to feature the world’s tallest swimming pool, which he anticipates will be recognized by the Guinness Book of World Records.
The latest developments indicate a growing integration of Trump family business ventures with international investments, particularly in the rapidly evolving cryptocurrency space. As this story unfolds, many are watching closely for its implications on both business and political arenas.
For ongoing coverage of these developments and more news, stay tuned to ABC News.
Related Topics
- Cryptocurrency
- President Trump
- World Liberty Financial
For more information about ethical concerns surrounding cryptocurrency investments in the Trump family business, visit our full analysis.
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