Trump-backed World Liberty to launch forex, remittance platform

Hong Kong-based World Liberty Financial, backed by the Trump family, announced plans to launch a foreign exchange and remittance platform called World Swap, according to co-founder Zak Folkman.

The platform aims to offer lower fees and simplified services by connecting users directly to debit cards and bank accounts worldwide.

Folkman said that the platform intends to settle foreign exchange remittances at a fraction of the costs charged by existing providers.

The company’s recent lending platform, launched four weeks ago, has processed US$320 million in loans and over US$200 million borrowed, Folkman added.

The firm’s initiatives have contributed to increased income for the Trump Organization, particularly from foreign clients, in the first half of 2025.

Critics have raised concerns about potential conflicts of interest as Trump’s cryptocurrency activities expand while he oversees US crypto policy, though the White House has denied any such conflicts.

🔗 Source: Reuters

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Implications, context, and why it matters.

World Swap focuses on USD1 growth

World Swap centers on boosting use of the USD1 stablecoin (a cryptocurrency designed to hold a steady value, typically by being pegged to the U.S. dollar). Cryptopolitan put USD1 above $5 billion in market capitalization 1.
Cryptopolitan described World Swap as part of a push for a “full-stack digital finance network” that covers lending, payments, and tokenized real-world assets (RWAs) (financial products that represent ownership of assets like real estate or bonds on a blockchain) 1.
The broader setup already includes a lending product. Folkman said it logged $320 million in lending and over $200 million borrowed in its first four weeks 2.

Expansion intersects with geopolitics

The launch lands amid congressional scrutiny over a reported $500 million investment tied to UAE Sheikh Tahnoon bin Zayed Al Nahyan (an Emirati royal and senior national security official) plus a 49% stake in World Liberty Financial, per the Wall Street Journal as cited by The Guardian 3.
The Guardian wrote that the deal granted the 49% stake days before President Trump’s inauguration. Attention has followed because the administration later allowed the UAE to import advanced AI chips 3.
Ethics experts have raised conflict-of-interest concerns involving Trump family business interests and U.S. policy. The White House has denied any conflicts 2.
TradingView/Invezz said the WLFI token (the company’s associated crypto token) rose after the World Swap plan became public 4.