- World Liberty Financial (WLF) and Pakistan have joined forces to facilitate cross-border transactions using USD1.
- WLF has announced that several products are expected to be rolled out within the next 18 months.
World Liberty Financial (WLF), a financial platform linked to US President Donald Trump, is reported to have signed an agreement with Pakistan to explore the use of World Liberty’s stablecoin for cross-border payment.
Details of the World Liberty Financial (WLF) and Pakistan Agreement
In a report reviewed by CNF, the memorandum of understanding was actually signed between the Pakistan Virtual Asset Regulatory Authority and a WLF affiliate called SC Financial Technologies. SC Financial Technologies would work with the Central Bank of Pakistan to integrate the USD1 stablecoin into a regulated digital payment structure. This would ensure that the stablecoin is used alongside the digital currency infrastructure of Pakistan.
Amidst this announcement, Zach Witkoff, the chief executive of World Liberty and son of US special envoy Steve Witkoff, has visited Pakistan. As the CEO of SC Financial Technologies, Zach met with the senior Pakistani shareholders for a discussion on digital payment infrastructure, foreign exchange processes, and cross-border settlement.
According to Finance Minister Muhammad Aurangzeb, this collaboration aligns with stability and national interest.
Our focus is to stay ahead of the curve by engaging with credible global players, understanding new financial models, and ensuring that innovation, where explored, is aligned with regulation, stability, and national interest.
Pakistan has, over the years, sought to reduce reliance on cash usage and improve cross-border payments. As part of the strategies to achieve this, the Central Bank disclosed last July that it is preparing to launch a pilot for digital currency. Meanwhile, World Liberty’s stablecoin is reaching global dominance as a state-controlled investment company in Abu Dhabi called MGX hinted that it used the stablecoin to buy a $2 billion equity stake in Binance.
To solidify its position, the company has launched a Decentralized Finance (DeFi) web app known as World Liberty Markets to provide borrowing and lending services for USD1. Currently, users are able to access opportunities to deploy USD1 and supply supported collateral to access these services.
According to the co-founder and COO of World Liberty Financial, Zak Folkman, this is just one of the many high-profile products that could be rolled out in the next 18 months.
As noted in our earlier post, it has applied for a National Trust Bank license to provide custody and stablecoin conversion services. It has also expanded the utility of its native token, WLFI, through Chainlink-powered cross-chain transfers, as explained in our previous discussion.
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