New Partnership Between Trump’s Family and Pakistan
World Liberty Financial, a cryptocurrency venture linked to Donald Trump’s family, has formalized an agreement with Pakistan. This announcement comes amidst a slight thaw in Pakistan-US relations.
The partnership aims to explore the application of World Liberty’s stablecoin for cross-border transactions. As noted by Reuters, this is one of the first public collaborations between World Liberty, which launched in September 2024, and the Pakistani government.
Integrating Stablecoin into Pakistan’s Digital Payments
Under the terms of the deal, World Liberty Financial will collaborate with the Central Bank of Pakistan to implement a $1 stablecoin into a regulated digital payments framework. This integration would allow the stablecoin to coexist with Pakistan’s existing digital currency system, according to reports.
However, details regarding SC Financial Technologies, a lesser-known entity associated with World Liberty, remain undisclosed. A formal announcement regarding the deal is anticipated later on Wednesday, coinciding with a visit to Islamabad by World Liberty’s CEO, Zach Witkoff.
In parallel, Pakistan is advancing its digital currency initiatives to lessen cash dependency and improve cross-border payment avenues, especially remittances, which are critical for foreign exchange. The Central Bank of Pakistan’s governor indicated last July that steps were being taken toward a digital currency pilot alongside legislative efforts to regulate virtual assets.
Stablecoins are digital currencies typically tied to the US dollar’s value and have seen rapid growth in recent years. During Trump’s presidency, federal regulations that appeared to bolster the crypto sector were introduced in the U.S., as global governments consider how to incorporate stablecoins into their financial systems.
World Liberty reportedly played a significant role in boosting the Trump Organization’s earnings, including international revenue in the first half of last year. Notably, in May 2024, the state-owned investment firm MGX from Abu Dhabi utilized the World Liberty stablecoin for a $2 billion acquisition of a stake in Binance, the largest cryptocurrency exchange worldwide.
