World Liberty Financial, a cryptocurrency project backed by the family of U.S. President Donald Trump, is preparing to enter the global payments space with a new foreign exchange and remittance platform designed to make cross-border money transfers cheaper and easier.
The company revealed its plans on Thursday at the Consensus Web3 conference in Hong Kong. Co-founder Zak Folkman said the upcoming platform, called World Swap, will allow users to move money between currencies and send funds across borders while connecting directly to bank accounts and debit cards around the world. The goal is to cut out some of the high fees and delays that often come with traditional banks and money transfer services.
According to Folkman, the global foreign exchange market handles trillions of dollars every year, yet much of that flow is still controlled by established financial institutions that charge hefty fees. “There’s over $7 trillion of money moving around the world from currency to currency, and all of this has been taxed very heavily by the incumbent players,” he said during his talk at the event.
World Swap will be built around USD1, the company’s own stablecoin that was launched last year. Stablecoins are cryptocurrencies designed to track the value of traditional currencies, typically the U.S. dollar, and are often promoted as a faster and cheaper way to move money digitally. By using USD1 as the backbone of its new service, World Liberty Financial aims to position itself within the growing decentralized finance (DeFi) sector, which seeks to offer financial services without relying on traditional banks.
The remittance platform is part of a broader push by the company into DeFi. Folkman also shared early performance figures from the firm’s lending service, World Liberty Markets, which launched just four weeks ago. Since going live, the platform has already facilitated around $320 million in loans and more than $200 million in borrowings, suggesting strong early interest in the company’s crypto-based financial products.
However, World Liberty Financial’s rapid expansion has not gone unnoticed by critics. Previous reporting has shown that the venture has generated significant revenue for the Trump family business, the Trump Organization, including income from foreign entities. This has raised concerns among government ethics experts, who point to the overlap between the company’s activities and the Trump administration’s role in shaping U.S. crypto policy. They argue that the timing could create potential conflicts of interest. The White House, for its part, has said that no such conflicts exist.
While the company has not yet announced an official launch date for World Swap or detailed how much users will be charged, the move signals a clear ambition: to challenge banks and traditional money transfer services in a market known for high fees and slow settlement times. If successful, World Swap could become another example of how crypto firms are trying to reshape the way money moves around the world.
Also Read: Transak Brings Easy Fiat On-Ramps to Ethereum Layer 2 MegaETH
DOL Eyes Crypto in 401(k)s, Sparking Heated Debate