Pakistan's Ministry of Finance and SC Financial sign memorandum to promote cross-border payments

The Pakistani Ministry of Finance recently signed a memorandum of understanding with SC Financial, a subsidiary of World Liberty Financial WLFI supported by the Trump family, aiming to streamline overseas cross-border payment processes and increase foreign exchange reserves. The Pakistani government stated that in the future, it will explore the use of USD-backed stablecoins for cross-border remittances and trade transactions, hoping to reduce remittance costs and improve capital flow efficiency through blockchain technology.

SC Financial to Issue Stablecoins with the State Bank of Pakistan

The signing partner for this memorandum is SC Financial Technologies, registered in Delaware, USA. The company is an affiliated entity of World Liberty Financial WLFI. According to the agreement, SC Financial will cooperate with the State Bank of Pakistan to promote the issuance of USD-pegged stablecoins by World Liberty Financial, integrating them into Pakistan’s regulated payment system and operating alongside the planned national digital currency mechanism.

Huge Overseas Remittance Volumes Drive Policy Initiatives

Overseas remittances are considered the core application of this cooperation. Official data shows that Pakistan receives over $36 billion annually from overseas workers, making it a significant source of foreign exchange. Government officials believe that blockchain and stablecoins could shorten cross-border remittance times, reduce intermediary costs, and enhance financial inclusion. Pakistani regulators also estimate that domestic cryptocurrency users have reached 40 million, with the market rapidly growing. The central bank is currently preparing a pilot digital currency project and simultaneously advancing legislation related to virtual assets to establish compliant digital payment infrastructure.

Trump Listed as Honorary Co-Founder of WLF

Zach Witkoff, co-founder and CEO of World Liberty Financial, visited Pakistan. Witkoff is also the CEO of SC Financial Technologies. His father, Steve Witkoff, is a U.S. envoy and has close ties to Trump.

Founded in 2024, World Liberty Financial was established by three of Trump’s sons and members of the Witkoff family. The company’s website previously listed Trump and Steve Witkoff as “honorary co-founders,” but Trump removed this designation after taking office. The company emphasizes that Trump and his family did not participate in its operations.

In recent years, Pakistan has actively sought cooperation with international cryptocurrency industry players. Bilal Bin Saqib, chairman of the Pakistan Virtual Asset Regulatory Authority, was appointed as an advisor to World Liberty Financial in April this year and is also an important figure in the government’s promotion of crypto and blockchain policies. The connection between World Liberty Financial and the Trump family has raised concerns about conflicts of interest in U.S. politics and media. Democratic members of the U.S. House of Representatives have accused the related crypto projects of potential benefit exchanges, while the White House has denied these claims.

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