The USD1 stablecoin, backed by US President Donald Trump, has been picked as the mode of payment for MGX’s purchase of a minority stake in Binance. The development was reportedly announced by Trump’s 41-year-old son, Eric, at the ongoing Token2049 event in Dubai. Addressing the attendees on Thursday, May 1, Trump claimed that the USD1 is being designed as the most transparent and regulated stablecoin in the world. Its use to facilitate the deal is expected to demonstrate how the USD1 could process instant cross-border transactions soon after its launch. Milestone Moment for Crypto This year, in March, Binance sold its first-ever minority stake for $2 billion (roughly Rs. 17,403 crore) to a third party. With this, MGX, a sovereign wealth management fund from Abu Dhabi, became the first outsider shareholder of Binance. At the time, when Binance founder Changpeng Zhao had announced the development, he had disclosed that the transaction would be “100 percent” facilitated by stablecoins – making it the largest single crypto transaction to date. World Liberty Financial (WLF), the Web3 firm …