Trump-Backed WLFI Sets Sights on $7 Trillion Market, Vows to Eliminate Remittance Fees

▲ Donald Trump, WLFI/ChatGPT-generated image

A cryptocurrency project backed by U.S. President Donald Trump has officially announced its entry into the $7 trillion global foreign exchange and remittance market, directly challenging the fee structures of traditional financial institutions.

According to crypto media outlet Cointelegraph on February 13 (local time), Zak Folkman, co-founder of World Liberty Financial (WLFI), revealed plans to launch “World Swap,” a foreign exchange trading and remittance platform, at the Web3 event Consensus held in Hong Kong. Folkman pointed out that more than $7 trillion moves across borders annually and that excessive fees are imposed by conventional financial institutions, emphasizing that World Swap would offer a low-cost alternative to address this issue.

World Swap aims to connect users worldwide directly to debit cards and bank accounts, enabling foreign exchange transfers at a fraction of the cost charged by existing competitors. By leveraging cryptocurrency technology to eliminate intermediaries, the platform seeks to maximize the efficiency of cross-border fund transfers. The project also plans to expand the use of its proprietary stablecoin, USD1, and establish a global digital asset financial infrastructure.

World Liberty Market, the lending platform of World Liberty Financial, has demonstrated rapid growth, recording $320 million in lending activity and over $200 million in borrowing within just four weeks of its launch. Folkman added that these achievements are driving demand for the USD1 stablecoin and that integration with World Swap will further expand the ecosystem. With the Trump family deeply involved in its operations, the project is aiming to evolve beyond simple coin issuance into a comprehensive financial platform.

However, the expansion has drawn increasing political scrutiny and criticism. The U.S. House of Representatives has launched an investigation into allegations of a $500 million investment related to reports that a United Arab Emirates (UAE) sheikh acquired a 49% stake in World Liberty Financial shortly before Trump’s inauguration. Concerns have been raised that the close ties between a family-run business and foreign capital could pose risks related to national security and conflicts of interest, particularly as Trump oversees U.S. cryptocurrency policy.

Amid the Trump administration’s pro-cryptocurrency stance, World Liberty Financial’s entry into the foreign exchange market is expected to have significant implications for the global financial order. Market attention is focused on whether its attempt to replace traditional remittance infrastructure can achieve tangible results despite regulatory investigations and political controversy. Investors are maintaining a cautious approach, closely monitoring both the project’s technical development and the outcome of the House investigation.

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