In what may be called an attempt to appease US President Donald Trump, the Pakistani government has signed an agreement with a firm linked to his family. Islamabad has entered into a business deal with World Liberty Financial, the main crypto business of U.S. President Donald Trump’s family. Pakistan will explore using World Liberty’s USD1 stablecoin for cross-border payments. The Pakistan Virtual Asset Regulatory Authority said in a statement that a memorandum of understanding with SC Financial Technologies would enable “dialogue and technical understanding around emerging digital payment architectures.”
World Liberty, a crypto-based finance platform, was launched in September 2024. In what may be called a clash of interest, Trump’s special envoy to the Middle East, Steve Witkoff’s son Zach Witkoff, is the co-founder and chief executive of World Liberty. Witkoff is also the CEO of SC Financial Technologies, which co-owns the USD1 stablecoin brand with World Liberty. The Trump Organisation, which includes foreign entities, registered a sharp increase in its business in the first half of 2025 after World Liberty launched its cryptocurrency business.
Today, World Liberty Financial signed an MoU with the Ministry of Finance to explore innovation in digital finance, particularly the use of stablecoins for cross-border transactions, signalling growing global interest in Pakistan as a key market for digital assets. Experts say the growth of the Trump family’s crypto initiatives, with Trump overseeing the U.S. crypto policy, constitutes a conflict of interest. The White House has denied it. However, under Trump, the US administration introduced federal rules widely seen as beneficial to the sector.
Its significance can be understood by the fact that the state-controlled Abu Dhabi investment company MGX used the World Liberty stablecoin to buy a $2 billion equity stake in Binance, the world’s largest crypto exchange. Pakistan Finance Minister Muhammad Aurangzeb and Witkoff signed the agreement in the presence of Prime Minister Shehbaz Sharif and Pakistan Army chief General Asim Munir. Talking to journalists, Aurangzeb said, ‘Our focus is to stay ahead of the curve by engaging with credible global players, understanding new financial models, and ensuring that innovation, where explored, is aligned with regulation, stability, and national interest.’ The regulatory agency said in a statement that it has a market of $36 billion in annual remittance inflows, with an estimated 40 million crypto users and up to $300 billion in annual crypto trading volumes.
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