A stablecoin launched by Donald Trump's World Liberty Financial crypto venture is being used by an Abu Dhabi investment firm for its $2 billion investment in crypto exchange Binance, one of World Liberty's co-founders said on on May 1.

Sen. Chris Murphy called the president's crypto scheming the "biggest corruption scandal in the history of the American presidency"

Three major Abu Dhabi entities, including a sovereign wealth fund, plan to launch a stablecoin fully regulated by the central bank of the United Arab Emirates and backed by the dirham, a move that could speed the Persian Gulf nation’s efforts to adopt digital currencies and facilitate payments.