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Trump-linked World Liberty Financial to launch Forex and Remittance Platform

Highlights:

  • World Liberty Financial plans to venture into the $7 trillion forex market with a blockchain-powered remittance platform.
  • World Swap will connect bank accounts and debit cards for seamless fiat and crypto exchange.
  • USD1 stablecoin will power settlements and support liquidity for cross-border transactions.

Trump-backed crypto project World Liberty Financial has announced its plans to enter the global payments market with a new platform. The company unveiled World Swap, a service for foreign exchange and remittance transfers. It aims to make cross-border money transfers easier and reduce the fees imposed by the traditional providers.

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World Liberty Financial Expands With World Swap Platform

These details were shared by the executives during the Consensus Web3 event in Hong Kong, attracting attention from investors and the media alike. The platform will be linked to the bank accounts and debit cards of users across the globe, enabling seamless transfers between fiat and digital assets. 

Co-founder Zak Folkman emphasized how large currency flows across the globe are, with more than $7 trillion moving between currencies annually. He further noted that the traditional intermediaries extract high charges on such transfers, making it an expensive system for the users.

World Swap plans to settle remittances with a fraction of these expenses while leveraging blockchain technology to provide more speed and transparency. The system will be based on World Liberty Financial’s USD1 stablecoin, which has been rapidly growing since its introduction. Within a year, USD1 had a market cap that exceeded $5 billion and now ranks among the top 25 digital assets. This has provided liquidity and credibility to additional financial products.

Folkman noted that additional announcements would be made during an impending Mar-a-Lago event, but no launch date or pricing details were disclosed.

Expanding the USD1 Ecosystem

The remittance initiative comes in the wake of recent expansions across the company’s ecosystem. The lending and borrowing platform of the firm, World Liberty Markets, has already issued more than $320 million in loans and over $200 million in borrowings after just four weeks of launch. As Folkman noted, these numbers indicate the increasing adoption of USD1 and the stablecoin’s potential in the broader financial services.

Moreover, the company collaborated with Spacecoin last month, focusing on a token swap system centered on USD1. Three satellites were launched by Spacecoin into low-Earth orbit. This network will utilize the financial rails of the crypto firm for settlements.

The company also announced plans to introduce real-world asset products collateralized by USD1 last year. This would enable institutional investors to gain exposure to tokenized traditional assets. Furthermore, a branded debit card, the WLFI card, will enable users to spend digital assets in their day-to-day transactions.

Political Scrutiny and Market Position

The growth of the venture has attracted political interest because of its connections to the Trump Organization. Some ethics experts voiced possible conflict issues, citing President Donald Trump’s oversight in the U.S. crypto policy. The White House, however, denied any conflicts.

Recent reports also pointed out that a UAE investor has purchased a 49% stake in World Liberty Financial. Trump, however, responded, saying that he did not know about the investment. He also added that his family handled outside funding independently, while he focused on presidential duties.

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