**Binance CEO Richard Teng Denies Role in Selecting USD1 Stablecoin for $2 Billion MGX Investment Deal**

Binance CEO Richard Teng has firmly denied accusations that the cryptocurrency exchange was involved in selecting the USD1 stablecoin for a high-profile investment deal. The $2 billion transaction involves Abu Dhabi-based company MGX investing into Binance, and recently came under intense scrutiny.

### MGX, Not Binance, Selected the USD1 Stablecoin

Teng addressed controversy following a report linking Binance to the decision to use USD1, a stablecoin tied to the Trump family. He clarified that the choice of stablecoin was made solely by MGX, the strategic investor, and that Binance “didn’t partake” in the decision-making process for the transaction.

The initial investment deal between MGX and Binance was announced in March 2025. However, it gained further attention when Eric Trump, co-founder of World Liberty Financial—the issuer of USD1—confirmed that the deal would use the USD1 stablecoin to facilitate the transaction.

### Trump Family Connection Raises Concerns

The USD1 stablecoin is issued by World Liberty Financial, a company co-founded by Eric Trump and linked to the Trump family. This connection raised questions about potential conflicts of interest surrounding the deal. U.S. lawmakers have taken note of these concerns, especially in light of former Binance CEO Changpeng “CZ” Zhao receiving a presidential pardon from Donald Trump.

### Congressional Scrutiny and Political Concerns

Several lawmakers, including Connecticut Senator Chris Murphy and Massachusetts Senator Elizabeth Warren, have expressed concern about possible political influence involving Binance and the Trump family’s involvement. They have questioned the legitimacy of the ties and suggested that the investment deal warrants further examination.

### Binance Denies Bloomberg Report on Stablecoin Code Development

Adding to the controversy, a Bloomberg report from July claimed that Binance had played a role in developing some of the code behind the USD1 stablecoin. Binance has denied these allegations, with CEO Zhao threatening legal action against Bloomberg over the report.

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The evolving story continues to draw significant attention from both the cryptocurrency industry and U.S. political sphere as questions about transparency and influence persist.
https://blockonomi.com/binance-ceo-denies-role-in-trump-family-backed-stablecoin-deal/