World Liberty Financial (WLFI) executives unveiled plans to bring USD1 stablecoin payments to major online businesses during a panel discussion at Token2049 in Singapore on Wednesday.
WLFI CEO Jack Wittkoff and co-founder Jack Folkman participated in a stablecoin-focused panel discussion at the industry conference alongside Mesh co-founder and CEO Bam Azizi.
Aziji has unveiled a partnership with WLFI that will enable USD1 holders to spend stablecoins across the payment infrastructure provider’s merchant network. The rollout is planned for this quarter.
“In addition to using the World Liberty app, we already plan to roll out this same technology to some of the largest Web2 businesses in the market,” said Folkman.
WLFI’s Zak Folkman speaks during a stablecoin panel at Token 2049 in Singapore on Wednesday. Photo: Aubrey Paller/Cointelegraph
WLFI is a crypto venture backed by the family of US President Donald Trump. Its USD1 stablecoin is designed to maintain a value of $1 and is issued By BitGo, including cash reserves, US government money market funds and other cash equivalents.
Market capitalization of stablecoins standing up $4.45 billion at the time of writing, according to CoinGecko.
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WLFI intends to accept the issue of USD1
In August, the US Office of the Comptroller of the Currency (OCC) granted WLFI conditional approval to issue dollar-backed stablecoins and establish a national trust bank for the purpose of custodianship of digital assets.
According to Wittkoff, the move will allow it to issue USD1.
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“Today we’re issuing through BitGo,” he said. “With this trust charter, we will be able to take on that responsibility ourselves.”
The charter’s approval drew criticism from Senator Elizabeth Warren, who alleged a conflict of interest involving the Trump family’s ties to WLFI. Warren and other senators have introduced In response, the President’s end to corruption in the Banking Act.
The OCC said its leadership and staff acted consistently with their statutory responsibilities and ethical obligations when reviewing the application.
At the panel, Wittkoff described the conditional approval WLFI had achieved “despite some attacks against us,” citing criticism from mainstream media and politicians.
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