Financial disclosures released recently reveal that U.S. President Donald Trump received more than $500 million in 2025 from token sales linked to his family’s crypto firm, World Liberty Financial (WLF). The earnings have drawn renewed attention to the company’s international partnerships, including one signed with Pakistan earlier this year.
In January, the country’s Finance Ministry signed a memorandum of understanding with SC Financial Technologies, a WLF affiliate, to examine whether its dollar-backed stablecoin, USD1, could support international payments.
Despite the high-profile launch, Pakistani authorities say the agreement has not progressed beyond discussions. No pilot program has begun, regulators have not issued licenses related to USD1, and officials have no record of the stablecoin being used in transactions within the country.
Even so, several analysts argue that the agreement produced a different kind of value. They believe the partnership strengthened Pakistan’s relationship with the Trump administration, giving Islamabad a level of political access that could prove strategically important.
WLF generates revenue from interest earned on reserves supporting each USD1 token. Broader circulation of the stablecoin increases returns for its stakeholders, including the Trump family.
Pakistan is already considered one of the world’s largest cryptocurrency markets, ranking third behind the U.S. and India. Much of the activity is thought to involve Tether’s USDT stablecoin, although the true scale of transactions outside formal banking channels remains uncertain.
A senior Pakistani banking executive, who requested anonymity, said there is no reliable method for calculating crypto flows through informal networks. Estimates are generally based on official remittance figures rather than direct measurement. While informal transfers are believed to account for roughly 10% of remittances, the share involving stablecoins has not been quantified.
This uncertainty exists alongside record remittance inflows. According to Pakistan’s central bank, overseas Pakistanis sent home $38.3 billion in 2025, marking a 27% increase from the previous year. Monthly inflows reached a record $4.25 billion in May, and the bank expects total remittances to exceed $42 billion this year.
Some experts question the practical need for another payment mechanism. Banking and finance specialist Ibrahim Khalil argues that if formal transfers are already fast and growing, introducing another stablecoin does little to address why some users continue to avoid traditional financial channels. He also noted that Pakistan’s foreign exchange reserves remain limited, meaning USD1 would likely need to be converted back into U.S. dollars before being used internationally.
Officials describe the agreement with WLF as an exploratory arrangement focused on technical cooperation rather than a commitment to adopt USD1. Economists, however, suggest its greatest value lay in diplomacy.
Meanwhile, Pakistan has accelerated crypto regulation. The Virtual Assets Act established the Pakistan Virtual Assets Regulatory Authority to oversee licensing and enforcement, while banks have been cleared to open accounts for approved crypto businesses. However, comprehensive licensing rules have yet to be issued, and no major international exchange has received permission to begin operations.
The WLF crypto deal with Pakistan is likely to cause some concern to digital asset companies like Circle Internet Group Inc. (NYSE: CRCL) given the likelihood of this transaction being seen by some sections of the public as raising ethical and conflict of interest questions.
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