Leaders of World Liberty Financial (WLFI) shared intentions to introduce USD1 stablecoin transactions to prominent online merchants during a panel session at Singapore’s Token2049 on Wednesday.
WLFI chief executive Zach Witkoff and co-founder Zak Folkman participated in a stablecoin-centered panel at the sector gathering alongside Bam Azizi, the co-founder and CEO of Mesh.
Azizi announced an alliance with WLFI that will allow holders of USD1 to utilize the stablecoin across the payment network provider’s merchant ecosystem, with implementation scheduled for this current quarter.
“Apart from employing the World Liberty application itself, we already have plans underway to integrate this identical infrastructure into several prominent Web2 enterprises active in the market today,” Folkman remarked.
WLFI’s Zak Folkman speaks during a stablecoin panel at Token2049 in Singapore on Wednesday. Photo: Aubrey Paller/Cointelegraph
WLFI represents a digital asset initiative supported by the family of US President Donald Trump. Its USD1 stablecoin aims to maintain a steady $1 valuation and is issued by BitGo, backed by reserves consisting of cash, US government money market funds, and additional liquid cash equivalents.
At the time of writing, the stablecoin’s total market value reached $4.45 billion, according to data from CoinGecko.
Related: Study suggests WLFI could act as an ‘early warning signal’ in crypto
WLFI seeks to take over USD1 issuance
During August, the US Office of the Comptroller of the Currency (OCC) awarded conditional consent to WLFI for the creation of a national trust bank meant to issue dollar-pegged stablecoins and safeguard digital assets.
According to Witkoff, this development will enable the firm to assume direct control over issuing USD1.
Related: Trump-linked WLFI hits new low as token-backed loan triggers concern
“Right now, issuance happens through BitGo,” he stated. “Acquiring this trust charter allows us to manage that duty ourselves.”
Granting the charter provoked pushback from Senator Elizabeth Warren, who pointed to potential conflicts of interest regarding the Trump family’s connections to WLFI. Consequently, Warren along with other lawmakers proposed the Ending Presidential Corruption in Banking Act.
The OCC asserted that its executive leadership and personnel fulfilled their statutory responsibilities and ethical duties appropriately while evaluating the submission.
Addressing the panel, Witkoff characterized the conditional clearance as a milestone WLFI secured “despite certain attacks directed at us,” pointing to criticism originating from politicians and mainstream media outlets.
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