Pakistan Pioneers World Liberty Stablecoin Partnership

Pakistan has entered into an agreement with World Liberty Financial, a crypto firm linked to Donald Trump's family, to explore the use of a stablecoin for cross-border payments. This marks a significant collaboration between the finance platform and a sovereign state, amidst warming ties with the U.S.

Pakistan has inked a deal with World Liberty Financial, a crypto firm associated with U.S. President Donald Trump's family, to utilize its stablecoin for cross-border transactions. The agreement represents the first formal alliance between World Liberty and a nation-state, signifying a notable stride in digital currency adoption.

Part of the arrangement involves integrating the USD1 stablecoin into Pakistan's regulated digital infrastructure alongside its central bank, allowing the token to operate within the nation's financial ecosystem. Details on SC Financial Technologies, a firm linked to World Liberty, remain sparse as officials prepare for the announcement during a visit by World Liberty's CEO to Islamabad.

While Pakistan's finance ministry and central bank have yet to comment, the deal surfaces amidst growing interest in stablecoins. These digital tokens, often dollar-pegged, have surged in prominence, propelled by favorable U.S. regulations. Pakistan is poised to enhance its digital economy, focusing on reducing cash dependency and bolstering remittance efficiency.

(With inputs from agencies.)