The Disappearing Blockchain

The stablecoin transaction that moved $2 billion from Abu Dhabi to Binance in May 2025 looked nothing like what the cypherpunks imagined when they dreamed of digital money. There were no anonymous wallets, no cryptographic rituals, no ideological manifestos. MGX, a sovereign wealth vehicle backed by the United Arab Emirates, simply wired funds denominated in USD1, a stablecoin issued by World Liberty Financial, a company affiliated with the family of the sitting United States President. The tran