Trump Family's Crypto Venture Enters Pakistan with Stablecoin Agreement
World Liberty Financial, a cryptocurrency platform connected to former US President Donald Trump's family, has signed a notable agreement with Pakistan. This development emerges as relations between Pakistan and the United States show signs of improvement. The deal focuses on evaluating the use of World Liberty's stablecoin for international transactions.
Details of the Partnership
According to a Reuters report, this partnership represents one of the first publicly known collaborations between World Liberty and a national government. The crypto-focused financial platform launched in September 2024. Under the agreement, World Liberty Financial will work with Pakistan's central bank to include its USD1 stablecoin within a regulated digital payments framework.
This integration would allow the token to operate alongside Pakistan's existing digital currency systems. Specific terms involving SC Financial Technologies, a lesser-known firm associated with World Liberty, remain undisclosed. Pakistan plans to officially announce the deal later on Wednesday during a visit to Islamabad by World Liberty's chief executive, Zach Witkoff.
Pakistan's Digital Currency Push
Pakistan has been actively progressing with digital currency initiatives to reduce cash dependency and improve cross-border payment channels. Remittances serve as a crucial source of foreign exchange for the country. In July last year, the governor of Pakistan's central bank mentioned that preparations were ongoing for a digital currency pilot. The government is also finalizing laws to regulate virtual assets.
Stablecoins and Global Trends
Stablecoins are digital assets typically pegged to the value of the US dollar. Their adoption has expanded rapidly in recent years. During Donald Trump's presidency, the United States introduced federal regulations that many view as favorable to the cryptocurrency sector. Governments worldwide are increasingly exploring how to incorporate stablecoins into payment systems and broader financial infrastructures.
Impact on Trump Family Business
World Liberty reportedly contributed significantly to revenue growth for the Trump Organization, the family's business interests. This includes earnings from overseas sources in the first half of last year. In May 2024, MGX, an Abu Dhabi-based state-owned investment firm, utilized the World Liberty stablecoin to purchase a $2 billion equity stake in Binance, the world's largest cryptocurrency exchange.
This deal underscores the growing intersection of cryptocurrency, international finance, and geopolitical relations. It highlights how digital assets are becoming integral to national economic strategies and cross-border collaborations.
