World Liberty Financial (WLFI) unveiled plans to expand USD1 stablecoin payments to major online businesses during a panel discussion at Token2049 in Singapore on Wednesday.
WLFI CEO Zach Witkoff and co-founder Zak Folkman discussed the initiative alongside Mesh co-founder and CEO Bam Azizi, who announced a partnership enabling USD1 holders to spend the stablecoin across Mesh's merchant network. The partnership rollout is planned for the current quarter.
"Beyond the use of the World Liberty app itself, we are already in plans to roll out this exact same technology to some of the largest Web2 businesses that are in the marketplace," Folkman said.
WLFI's USD1 stablecoin is designed to maintain a $1 value and is currently issued by BitGo, with reserves comprising cash, US government money market funds, and other cash equivalents. The stablecoin's market capitalization stood at $4.45 billion at the time of reporting, according to CoinGecko.
Trust Bank Charter Approval
In August, the US Office of the Comptroller of the Currency (OCC) granted conditional approval for WLFI to establish a national trust bank intended to issue dollar-backed stablecoins and custody digital assets. This approval would enable WLFI to assume USD1 issuance directly from BitGo.
"Today we're issuing through BitGo. With this trust charter, we'll be able to take on that responsibility ourselves," Witkoff said.
The OCC stated that its leadership and staff acted consistently with their statutory duties and ethical obligations when reviewing the application. The charter approval drew criticism from Senator Elizabeth Warren, who raised concerns about conflicts of interest involving the Trump family's ties to WLFI. Warren and other senators subsequently introduced the Ending Presidential Corruption in Banking Act in response.
