Key facts
- World Liberty Financial (WLFI) plans to integrate its USD1 stablecoin into major online platforms.
- WLFI has partnered with Mesh to enable USD1 spending across Mesh's merchant network.
- The stablecoin's market capitalization stood at $4.45 billion.
- WLFI received conditional approval from the OCC to establish a national trust bank for stablecoin issuance.
- The stablecoin is backed by cash, US government money market funds, and other cash equivalents.
- Senator Elizabeth Warren has criticized the OCC's approval due to WLFI's ties to the Trump family.
World Liberty Financial (WLFI) executives announced plans to integrate its USD1 stablecoin into major online platforms during a panel discussion at Token2049 in Singapore. WLFI CEO Zach Witkoff and co-founder Zak Folkman participated in a discussion focused on stablecoins, alongside Mesh co-founder and CEO Bam Azizi.
Azizi revealed a partnership with WLFI that will allow USD1 holders to use the stablecoin across Mesh's payment infrastructure provider's merchant network. The rollout is scheduled for the current quarter. Folkman stated that WLFI is already planning to implement this technology with significant Web2 businesses.
WLFI is a cryptocurrency venture supported by the family of US President Donald Trump. Its USD1 stablecoin is designed to maintain a $1 value and is issued by BitGo, with reserves consisting of cash, US government money market funds, and other cash equivalents. According to CoinGecko, the stablecoin's market capitalization was $4.45 billion at the time of writing.
In August, the US Office of the Comptroller of the Currency (OCC) granted WLFI conditional approval to establish a national trust bank. This approval would enable WLFI to issue dollar-backed stablecoins and custody digital assets, allowing it to take over USD1 issuance, according to Witkoff. Senator Elizabeth Warren has voiced criticism regarding the approval, citing potential conflicts of interest due to the Trump family's association with WLFI. In response, Warren and other senators introduced the Ending Presidential Corruption in Banking Act. The OCC maintained that its leadership and staff acted in accordance with their statutory duties and ethical obligations during the review process. Witkoff described the conditional approval as an achievement "in spite of some of the attacks against us," referencing criticism from media and politicians.