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Binance announced today that MGX, a sovereign wealth fund from Abu Dhabi, invested $2 billion in the company. The transaction happened entirely using stablecoins.

This is both the largest investment ever made in a crypto-related business and the largest investment ever made using cryptoassets. Binance didn’t specify which stablecoin was used, but the UAE has favored Tether products in the past.

MGX Makes Record Binance Investment

The United Arab Emirates has recently been positioning itself as a crypto hub, and Abu Dhabi is a particular region of interest. MGX, an Abu Dhabi-based Web3 fund that has already made massive AI investments, has today announced a record investment in Binance.

Changpeng “CZ” Zhao, former CEO of Binance, also shared this news on X (formerly Twitter).

“MGX, an Abu Dhabi sovereign wealth fund, invests $2 billion in Binance for a minority stake. The transaction will be 100% in crypto (stablecoins), marking it the largest investment transaction done in crypto to date. This is also the first institutional investment Binance has taken. Onwards,Build!” CZ wrote.

Binance, the world’s largest crypto exchange, also corroborated these claims with its own press release. This MGX investment isn’t Binance’s first entanglement with Abu Dhabi, as the firm considered setting up a headquarters there.

However, in 2023, CEO Richard Teng scrapped its UAE license application, signaling a shift away from the nation.

Since then, however, interest has shifted back. The firm’s press release claimed that roughly one-fifth of its workforce is based in the UAE, for example.

Teng called the development a “significant milestone” and said Binance is “committed to working with regulators worldwide.” This MGX investment will likely increase economic ties in the region.

“We are excited to announce the first-ever institutional investment in Binance by MGX. This is a significant step in advancing digital asset adoption and reinforcing blockchain’s role in global finance,” Binace annouced on X.

Also, Binance claimed that MGX made this $2 billion investment entirely in stablecoins. Last August, Tether launched a stablecoin pegged to the UAE’s currency, and Abu Dhabi subsequently recognized USDT as an Accepted Virtual Asset.

Binance’s announcements have been surprisingly light on the exact details of its future relationship with MGX.

However, they were very clear that it was a big deal. This marks the largest-ever investment in a crypto firm and the largest investment paid entirely in cryptocurrency. Wherever the partnership goes from here, it has already made history.

The post Abu Dhabi Invests a Record $2 Billion in Binance appeared first on BeInCrypto.

GCash, the Philippines’ leading digital money app, announced support for Circle’s USD Coin (USDC). Users in the country can now hold and transact with the stablecoin.

This marks a major step in integrating stablecoins with everyday transactions in the country.

Circle’s USDC Ventures Into the Philippines Market

Local media revealed the integration, noting that GCash users in the Philippines can buy, hold, and send USDC through GCrypto, the app’s cryptocurrency platform. GCash’s Group Head of Wealth Management, Arjun Varma, says this integration presents a game-changer for financial inclusion in the Philippines.

“By offering easy access to digital dollars, we empower our users with a stable and globally recognized financial asset,” local media reported, citing Varma.

Unlike volatile cryptos like Bitcoin (BTC) and Ethereum (ETH), USDC is a stablecoin pegged to the US dollar. This makes it a more reliable digital asset for payments and savings.

The move is expected to help millions of Filipinos bypass traditional banking infrastructure, which is reportedly slow, expensive, and inaccessible to many.

“Philippines payments are absolutely horrible. Some of the worst rails and ramps in the world,” one user remarked.

With USDC reserves held at regulated financial institutions, they undergo regular third-party attestations to ensure transparency. Circle CEO Jeremy Allaire highlighted the scale of this expansion, citing an opportunity for growth in the firm’s stablecoin network.

“The largest and most widely used digital money app in the Philippines, GCash, just announced support for USDC in their mobile wallet. Another ~100m users being brought into Circle’s stablecoin network,” he expressed.

Meanwhile, this move signals Circle’s outward expansion as competition in the stablecoin market intensifies. Major traditional finance institutions, including the Bank of America (BoA), are now eyeing stablecoin adoption.

This poses competition for stablecoin issuers like Tether and Circle as established banks look to enter the space with their stablecoin offerings. As financial giants move in, fintech companies like GCash offer themselves as potential avenues for expansion to stablecoin issuers.

“GCash’s USDC move puts a global digital dollar in 100 million Filipino hands. Stablecoins might just leapfrog banks in places like this,” another user added.

Despite the optimism, transparency remains a significant concern for stablecoin adoption. While the blockchain’s openness is great for security and trust, it is not always ideal for everyday payments.

“Crypto payments failed for one small reason that needs fixing: When sending USDC, let the recipient see the transaction but not your address. Nobody wants to reveal their wallet for a 10 USDC beer payment,” DeFi researcher Ignas said recently.  

While GCash’s USDC integration offers convenience, calls for stablecoin transparency, like revealing wallet addresses for USDC transactions, may deter adoption even for Philippine users.

Still, GCash’s move reflects a broader trend of digital wallets embracing blockchain-based finance.

The post Philippines’ Top Digital Wallet GCash Integrates Circle’s USDC Stablecoin appeared first on BeInCrypto.

Made in USA coins have delivered a mixed performance in the first week of May, with PENGU, SUI, and RENDER showing very different trajectories. PENGU surged by 107% over the past week, signaling a strong recovery after months of correction.

SUI also impressed, jumping 70% and positioning itself among the largest Made in USA coins. Meanwhile, RENDER struggled to gain traction, underperforming both the broader market and the leading AI coins.

Pudgy Penguins (PENGU)

PENGU was once the leading meme coin on Solana, reaching a peak market cap of $2.9 billion on January 6.

However, after its explosive rise, the token entered a prolonged correction phase, with its market cap falling below the $1 billion mark by January 29.

Since then, PENGU has struggled to regain its previous momentum, reflecting broader cooling interest in meme coins during that period.

Despite the correction, recent price action suggests that sentiment around PENGU may be shifting again.

Over the past seven days, PENGU has surged by 107%, including a gain of more than 16% in just the last 24 hours. PENGU could soon test the $0.011 resistance level if this strong momentum continues.

A break above this point could open the path toward $0.0126, and if bullish pressure remains strong, further targets at $0.0171 and even $0.0223 could come into play — breaking above the $0.020 mark for the first time since January 27.

SUI

SUI has been one of the standout performers among altcoins over the past week, surging 70% and positioning itself just behind Cardano, Solana, and XRP in market cap among the major Made in USA coins.

With such a powerful move quickly, SUI is approaching critical technical levels that could determine whether the rally continues or faces a pullback.

Recently, SUI tested the resistance at $3.73 but failed to break through it. If it manages to test this level again and successfully break above it, the next target would be $4.25, which would also mark SUI’s first time trading above $4 since January 31.

However, if bullish momentum fades, SUI could retrace to test the $3.25 support zone.

Losing this support could lead to a deeper correction toward $2.92 or even $2.51, making the coming price action especially important for assessing whether SUI’s rally can extend further.

RENDER

RENDER has been lagging behind the broader market, posting only a 2% gain over the last seven days, far less than most other major Made in USA coins.

It has also underperformed relative to the top AI-focused tokens, such as TAO, FET, and VIRTUAL, which have shown much stronger momentum.

This lackluster performance suggests that while artificial intelligence narratives continue to gain traction, RENDER has struggled to capture the same level of enthusiasm, raising concerns about its near-term outlook compared to its peers.

Technically, RENDER’s EMA lines are signaling potential weakness, with the possibility of a death cross forming soon.

If the downtrend materializes, RENDER could first test support at $4.25; losing that level could open the door for deeper drops to $3.82, $3.55, and even $3.14.

However, if RENDER manages to regain positive momentum, a rebound toward $4.63 could still be in play.

The post Top 3 Made In USA Coins For The First Week of May appeared first on BeInCrypto.