Pakistan has taken a notable step into the evolving world of digital finance by signing an agreement to explore the use of a U.S. dollar-backed stablecoin for cross-border payments. The initiative involves a firm affiliated with World Liberty Financial, the crypto platform linked to the family business of U.S. President Donald Trump.
The agreement, announced Wednesday by the Pakistan Virtual Asset Regulatory Authority (PVARA), sets the stage for technical cooperation around new digital payment models—particularly those aimed at improving international transactions and remittance flows.
A First-of-Its-Kind Sovereign Tie-Up
The memorandum of understanding was signed with SC Financial Technologies, a little-known Delaware-registered firm described by Pakistani authorities as an affiliated entity of World Liberty Financial. The deal is among the first publicly disclosed partnerships between World Liberty and a sovereign state, highlighting Pakistan’s growing interest in regulated crypto innovation.
According to officials familiar with the arrangement, SC Financial Technologies will work alongside Pakistan’s central bank to explore how USD1, World Liberty’s dollar-pegged stablecoin, could be integrated into a regulated digital payments framework. The token would operate alongside Pakistan’s own developing digital currency infrastructure rather than replace it.
World Liberty Leadership Visits Islamabad
The agreement was unveiled during a visit to Pakistan by Zach Witkoff, co-founder and CEO of World Liberty Financial and also the chief executive of SC Financial Technologies. Witkoff is the son of Steve Witkoff, the U.S. special envoy.
Official photographs released by the government showed Finance Minister Muhammad Aurangzeb and Witkoff signing the memorandum, with Prime Minister Shehbaz Sharif and Army Chief General Asim Munir present, underscoring the political significance of the engagement.
While World Liberty Financial did not immediately comment on the deal, documentation from mid-2025 shows that SC Financial Technologies and World Liberty jointly own the USD1 stablecoin brand.
Stablecoins Gain Global Attention
Stablecoins—digital tokens typically pegged to fiat currencies like the U.S. dollar—have grown rapidly in recent years due to their ability to offer price stability and faster settlement compared to traditional payment rails.
Under President Trump, the United States has introduced federal crypto regulations widely viewed as favorable to the industry, accelerating global interest in stablecoin adoption. Governments worldwide are now examining how these instruments could improve payments, trade settlement, and financial inclusion.
World Liberty’s stablecoin has already seen notable international use. In May last year, Abu Dhabi–based MGX, a state-controlled investment firm, used USD1 to acquire a $2 billion equity stake in Binance, the world’s largest crypto exchange.
Economic and Ethical Implications
The rapid expansion of crypto ventures linked to the Trump family has drawn scrutiny from ethics experts, who argue that the overlap between U.S. crypto policymaking and private business interests could pose conflicts. The White House has rejected these claims, stating no conflicts exist.
For Pakistan, however, the focus remains practical. The country is seeking to reduce reliance on cash, modernize its payments ecosystem, and improve cross-border remittances, which are a critical source of foreign exchange.
Pakistan receives more than $36 billion annually in remittances, has an estimated 40 million crypto users, and sees up to $300 billion in annual crypto trading volumes, according to regulators.
Digital Currency Plans Move Forward
Pakistan’s central bank has already signaled its intent to play a larger role in digital finance. The bank’s governor confirmed in July that a pilot program for a national digital currency is in preparation, alongside new legislation to regulate virtual assets.
As global interest in stablecoins accelerates, Pakistan’s engagement with World Liberty-linked technology reflects a broader trend: governments are no longer asking if digital assets will play a role in finance, but how to integrate them safely, strategically, and under regulation.