Trump-backed WLFI plans USD1 payments for online businesses
World Liberty Financial (WLFI) executives said at Token2049 in Singapore that they plan to enable spending of their USD1 stablecoin on major online platforms. WLFI also announced a payments partnership with infrastructure provider Mesh that it says will let USD1 holders use the token across Mesh’s merchant network, with a rollout slated for this quarter.
Why It Matters
If realized, WLFI’s plan to integrate a dollar-pegged stablecoin into large Web2 platforms and a merchant network could broaden real-world spendability of crypto dollars and affect payments flows. The move comes as WLFI pursues a national trust charter that would let it directly issue USD1, a development that has drawn political scrutiny.
Key Facts
- Event: Token2049 conference in Singapore
- Participants: WLFI CEO Zach Witkoff, co-founder Zak Folkman, Mesh co-founder and CEO Bam Azizi
- Partnership: WLFI and Mesh to enable USD1 spending across Mesh’s merchant network
- Rollout timing: Planned for this quarter
- Stablecoin issuer (current): BitGo
World Liberty Financial executives outlined plans at Token2049 to expand use of their USD1 stablecoin into major online businesses, saying the company is preparing to deploy the payment technology beyond WLFI’s own app. WLFI co-founder Zak Folkman said the firm is “in plans” to roll out the same payments capability to large Web2 companies that operate in online marketplaces.
At the panel, Mesh co-founder and CEO Bam Azizi announced a partnership with WLFI that would allow holders of the USD1 token to spend it across Mesh’s merchant network. Executives said the integration with Mesh’s payment infrastructure is scheduled to begin rolling out this quarter.
WLFI’s USD1 token is currently issued by custody firm BitGo and is backed by reserves of cash, U.S. government money market funds and other cash equivalents. CoinGecko listed the stablecoin’s market capitalization at $4.45 billion at the time of reporting.
Separately, WLFI has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to form a national trust bank intended to issue dollar-backed stablecoins and custody digital assets. WLFI CEO Zach Witkoff said that a granted trust charter would allow the company to assume direct issuance of USD1 rather than relying on BitGo. The OCC’s conditional approval has attracted criticism from Senator Elizabeth Warren and prompted introduction of the Ending Presidential Corruption in Banking Act by Warren and other senators; the OCC said its staff followed statutory duties and ethical rules in reviewing the application.