ISLAMABAD: The Federal Finance Ministry has signed a memorandum of understanding (MoU) with World Liberty Financial aimed at exploring innovation in digital finance, particularly the use of stablecoins for cross-border transactions, signalling growing global interest in Pakistan as a key market for digital assets.
The ministry said it had signed an agreement with a firm connected to World Liberty Financial, the main crypto business of US President Donald Trump’s family, to explore using World Liberty’s stablecoin for cross-border payments.
The Pakistan Virtual Asset Regulatory Authority (PVARA) said in a statement that a memorandum of understanding with SC Financial Technologies, a little-known company it described as an “affiliated entity” of World Liberty, would enable “dialogue and technical understanding around emerging digital payment architectures”.
The announcement represents one of the first publicly announced tie-ups between World Liberty, a crypto-based finance platform launched in September 2024, and a sovereign state. It also comes amid a warming of ties between Pakistan and the United States.
Under the agreement, SC Financial Technologies will work with Pakistan’s central bank to integrate its USD1 stablecoin into a regulated digital payments structure, allowing the token to operate alongside Pakistan’s own digital currency infrastructure, a source involved in the deal said.
The announcement of the memorandum came during a visit to Pakistan by Zach Witkoff, son of US special envoy Steve Witkoff and co-founder and chief executive of World Liberty.
Zach Witkoff is also CEO of SC Financial Technologies. The company, registered in Delaware, co-owns with World Liberty the USD1 stablecoin brand, according to documentation on the stablecoin’s reserves from July 2025.
Witkoff met with “senior Pakistani stakeholders” to discuss how digital payment infrastructure, cross-border settlement and foreign exchange processes, the statement said.
“Our focus is to stay ahead of the curve by engaging with credible global players, understanding new financial models, and ensuring that innovation, where explored, is aligned with regulation, stability, and national interest,” said Federal Finance Minister Senator Muhammad Aurangzeb.
Stablecoins, digital tokens typically pegged to the dollar, have ballooned in value in recent years. Under Trump, the United States has introduced federal rules widely seen as beneficial to the sector, and countries across the world are beginning to examine the potential role of stablecoins in payments and financial systems.
World Liberty fuelled a sharp increase in income for the Trump family business, known as the Trump Organisation, including from foreign entities, in the first half of last year, Reuters reported in October.
Last May, MGX, a state-controlled Abu Dhabi investment company, used the World Liberty stablecoin to buy a $2 billion equity stake in Binance, the world’s largest crypto exchange.
Pakistan has been exploring digital currency projects as it seeks to reduce cash usage and improve cross-border payments such as remittances, a key source of foreign exchange.
Its central bank governor said in July it was preparing to launch a pilot for a digital currency and is finalising legislation to regulate virtual assets.
The high-level signing ceremony was also attended by Prime Minister Shehbaz Sharif, Chief of Army Staff and Chief of Defence Forces Field Marshal Syed Asim Munir, Deputy Prime Minister and Foreign Minister Senator Ishaq Dar and other members of the federal cabinet.
Meeting with PM
Prime Minister Shehbaz Sharif Wednesday said that the rapidly growing pace of digital payments and financial innovation were essential parts of Pakistan’s rapidly expanding digital economy.
A delegation of World Liberty Financial USA led by Zachary Witkoff, Chief Executive Officer called on him, PM Office Media Wing said in a press release issued in Islamabad.
The prime minister shared his vision for digital Pakistan aimed at increased connectivity, access, transparency and openness for the citizens. He appreciated the growing international interest in Pakistan’s digital financial markets and noted with deep sense of satisfaction that the country was fast becoming part of global digital finance.
Deputy Prime Minister Mohammad Ishaq Dar, Chief of Defence Forces and Chief of the Army Staff Field Marshal Syed Asim Munir, Minister for Finance Muhamamd Aurangzeb, SAPM Syed Tariq Fatemi and Chairman Pakistan Virtual Assets Regulatory Authority Bilal Bin Saqib also attended the meeting.
Zachary Witkoff showed keen interest to engage with Pakistan for a secure and transparent digital payment infrastructure, including innovations in cross-border settlement and foreign exchange processes. He lauded Pakistan’s policy framework which was helping to position the country as a leading contender in the global digital finance landscape.
He expressed keen desire to further deepen engagement with Pakistan to explore next-generation digital payment and cross-border finance innovations.
