PANews reported on May 1 that according to CoinDesk, Eric Trump, son of US President Trump, said that the US dollar-denominated stablecoin USD1 issued by World Liberty Financial (WLFI) has been officially selected as the official stablecoin for Abu Dhabi investment institution MGX to complete its $2 billion investment in Binance. Eric Trump said at the Token2049 event held in Dubai: "We thank MGX and Binance for their trust in us, and I think this is just the beginning." Earlier this year, Abu Dhabi-based investment firm MGX acquired a $2 billion stake in Binance. World Liberty Financial announced plans in March to issue a dollar-backed stablecoin in partnership with BitGo.