World Liberty Financial, the Trump family-backed crypto project, said at a stablecoin panel during Token2049 in Singapore that it plans to bring USD1 payments to large online merchants. WLFI CEO Zach Witkoff and co-founder Zak Folkman appeared alongside Mesh co-founder and CEO Bam Azizi, who said Mesh has partnered with WLFI to let USD1 holders spend the stablecoin across Mesh’s merchant network. The payment feature is scheduled to launch this quarter. Folkman also said the team plans to extend the same technology beyond World Liberty’s own app to some of the largest Web2 companies in the market. USD1 is issued by BitGo and is backed by cash, U.S. government money market funds, and other cash equivalents, with a design goal of maintaining a $1 peg. CoinGecko data puts its market capitalization at about $4.45 billion. In August, the Office of the Comptroller of the Currency gave conditional approval for WLFI to establish a national trust bank.
World Liberty Financial (WLFI), the Trump family-backed crypto project, said at a stablecoin roundtable during Token2049 in Singapore that it plans to bring USD1 stablecoin payments to large online merchants.
WLFI CEO Zach Witkoff and co-founder Zak Folkman joined Bam Azizi, co-founder and CEO of payment infrastructure provider Mesh, on the panel.
Mesh partnership targets merchant payments
Azizi said Mesh has reached a partnership with WLFI. Under the plan, USD1 holders will be able to spend the stablecoin across Mesh’s merchant network, with the feature expected to go live this quarter.
Folkman said the team is also preparing to roll out the same technology beyond World Liberty’s own app to some of the largest Web2 companies in the market.
USD1 structure and current issuance
USD1 is currently issued by BitGo. Its reserves include cash, U.S. government money market funds, and other cash equivalents, and the token is designed to maintain a $1 peg.
According to CoinGecko, USD1 has a market capitalization of about $4.45 billion.
Conditional OCC approval in August
In August, the Office of the Comptroller of the Currency (OCC) granted conditional approval for WLFI to establish a national trust bank. The planned bank is intended to issue dollar-backed stablecoins and custody digital assets.
Witkoff said that arrangement would allow WLFI to take over issuance of USD1 itself. For now, BitGo remains responsible for issuing the stablecoin.
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