In brief
- Pakistan has signed an MOU with an affiliate of Trump-backed DeFi project World Liberty Financial to explore using a dollar‑backed stablecoin for remittances and trade.
- World Liberty Financial and its affiliate will work with the central bank on integration.
- The Trump‑linked project’s growing global footprint has drawn scrutiny, with accusations of potential conflicts of interest.
Pakistan’s Ministry of Finance has signed a memorandum of understanding (MOU) with an affiliate of World Liberty Financial, a DeFi project linked to U.S. President Donald Trump’s family, to explore innovation in digital finance.
The MOU, signed Wednesday, includes exploring the use of stablecoins for cross‑border transactions, according to a post by the country’s Virtual Assets Regulatory Authority (Pakistan VARA).
The regulator said the agreement reflects “growing global interest in Pakistan as a key market for digital assets” as the country looks to modernize payments and reduce reliance on cash.
Remittances are central to that push. Pakistan receives more than $36 billion a year from overseas workers and officials see blockchain as a way to make transfers cheaper and faster.
Pakistan is also positioning itself as a large crypto market, with an estimated 40 million users, Pakistan VARA told Reuters. The central bank is preparing a pilot for a digital currency and finalizing legislation to regulate virtual assets, part of a broader effort to build regulated digital‑payments infrastructure.
The MOU was signed with SC Financial Technologies, described as an “affiliated entity” of World Liberty Financial registered in Delaware. Under the arrangement, SC Financial will work with Pakistan’s central bank to integrate World Liberty Financial’s USD1 stablecoin into a regulated payments framework so the token can operate alongside Pakistan’s own forthcoming digital currency systems.
The announcement followed a visit to Pakistan by World Liberty Financial co-founder and chief executive Zach Witkoff, who is also the CEO of SC Financial Technologies. Witkoff is the son of Steve Witkoff, a U.S. special envoy and longtime associate of President Donald Trump.
What is World Liberty Financial?
World Liberty Financial itself was launched in September 2024 by President Trump’s three sons alongside the two sons of Steve Witkoff, among others. The elder Witkoff and President Trump are both listed on its website as “co-founder emeritus,” with a footnote saying they were “removed upon taking office.” A statement on World Liberty Financial’s website asserts that Trump and his family members do not hold any role as “director, officer or employee” of the firm.
The project’s stablecoin has already been used in large international transactions, including a $2 billion equity purchase in Binance by Abu Dhabi state‑backed investor MGX last May.
Pakistan’s outreach to the Trump‑linked crypto venture follows a diplomatic and lobbying push in Washington last year. Islamabad hired a U.S. lobbyist and sought to attract American investment. Soon after, it began building links with World Liberty Financial.
Bilal Bin Saqib, chairman of Pakistan’s Virtual Assets Regulatory Authority, became an adviser to World Liberty Financial in April shortly after Witkoff visited the country. Witkoff signed a letter of intent with the finance ministry that opened the door for the USD1 stablecoin to be used for trade and remittances.
Bin Saqib was appointed special assistant to the prime minister on blockchain and crypto in May last year. He also serves as chief adviser to the finance minister and CEO of the Pakistan Crypto Council, and has been a driving force behind Pakistan’s effort to brand itself as a crypto hub, including allocating electricity for mining, and courting industry figures and online influencers.
Pakistan has a track record of striking deals with companies linked to its crypto advisers. Former Binance chief executive Changpeng Zhao joined the Pakistan Crypto Council as an adviser in April 2025, after serving a four‑month U.S. prison sentence for violating anti‑money laundering laws (Zhao subsequently received a presidential pardon from Trump).
In December 2025, Pakistan signed an MOU with Binance to explore the tokenization of up to $2 billion in sovereign bonds, treasury bills and commodity reserves. The same month, Binance also received a no‑objection certificate to operate in the country (as did HTX).
World Liberty Financial, the White House and Pakistan’s Ministry of Finance have been contacted for comment.
Trump’s crypto ventures face scrutiny
World Liberty Financial has drawn scrutiny because of its links to the Trump family at a time when President Trump oversees U.S. crypto policy, leading to accusations of potential conflicts of interest.
In November, a partisan report from House Judiciary Committe Democrats accused Trump of having turned the White House into “the world’s most corrupt crypto startup operation,” claiming that “foreign actors and corporate interests” had funneled money into the Trump family’s crypto ventures, including World Liberty Financial, in return for “regulatory rollbacks” and “policy giveaways.”
The White House has previously denied there are any conflicts of interest.
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