Pakistan is diving deeper into the crypto waters, and it's bringing some high-profile American connections along for the ride. The country's government announced Wednesday that it's partnering with World Liberty Financial (WLFI), a decentralized finance platform with significant ties to President Donald Trump's family, to explore using stablecoins for cross-border transactions.
The Trump Connection
World Liberty Financial isn't just another crypto startup. The Trump family has deep roots in the platform, with the president himself listed as Co-Founder Emeritus. His sons—Eric Trump, Donald Trump Jr., and Barron Trump—all serve as co-founders. The platform issues a dollar-pegged stablecoin called World Liberty Financial USD (USD1), which currently boasts a market capitalization of $3.43 billion.
According to the Pakistan Virtual Assets Regulatory Authority, World Liberty Financial has signed a Memorandum of Understanding with Pakistan's Ministry of Finance. The goal? To explore "innovation in digital finance," specifically how stablecoins could facilitate cross-border transactions.
Zach Witkoff, co-founder and CEO of World Liberty Financial, made the trip to Pakistan and met with Prime Minister Shehbaz Sharif and other government officials to seal the deal.
Pakistan's Crypto Ambitions
This partnership isn't happening in a vacuum. Pakistan has been aggressively positioning itself in the digital asset space over the past several months. In December, authorities granted a no-objection certificate to a cryptocurrency exchange backed by billionaire Justin Sun.
The country has also recruited serious crypto talent. Changpeng Zhao, co-founder of Binance (BNB), now serves as strategic advisor to the Pakistan Crypto Council, a government-backed regulatory body responsible for promoting blockchain technology and digital assets.
Perhaps most ambitiously, Pakistan announced plans last year to establish a strategic Bitcoin (BTC) reserve, taking inspiration from Trump's crypto-friendly stance. The government's cryptocurrency advisor stated that Pakistan will hold Bitcoin in a national wallet and "never ever" sell them—a bold commitment in the notoriously volatile crypto market.