At Consensus Hong Kong, World Liberty Financial announced plans to launch a foreign exchange and remittance platform called World Swap.Co-founder Zak Folkman said the service will offer simplified transfers at “a fraction” of the fees as compared to traditional providers.He also shared that World Liberty Markets, the company’s lending platform, has recorded $320 million in lending activity.The announcement comes just days after renewed political scrutiny around the Trump-backed venture.
World Liberty Financial (WLFI) edged lower Thursday after the Trump-backed crypto venture said it plans to launch a foreign exchange and remittance platform aimed at lowering cross-border transfer costs.
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Speaking at Consensus Hong Kong, WLFI co-founder Zak Folkman unveiled ‘World Swap’ and said the platform will differentiate itself from competitors by offering simplified services at lower 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 stated on stage.
WLFI’s Price Struggles Leave Retail Divided
WLFI’s price edged 0.3% lower in the last 24 hours to around $0.1033, nearly 70% below its record high of $0.33 seen in September last year during the launch, but 5% higher than the all-time low of $0.98 seen just four days ago. On Stocktwits, retail sentiment around the crypto token trended in ‘bullish’ territory amid ‘extremely high’ levels of chatter.
One user on the platform expects WLFI’s price to cross $0.11 by tonight.
A more bearish user expressed their disappointment in the token’s performance over the past year. WLFI’s price has fallen nearly 30% in 2026 alone.
World Swap Targets $7 Trillion FX Market
Folkman said World Swap will connect users directly to debit cards and bank accounts globally, enabling foreign exchange remittances at “a fraction of” the fees charged by traditional providers.
He also shared that World Liberty Markets, the company’s lending platform launched four weeks ago, recorded $320 million in lending activity and more than $200 million in borrowings, according to Folkman.
The lending platform is part of WLFI’s broader strategy to drive adoption of its USD1 stablecoin. Increased lending and borrowing activity can support transaction volumes and deepen liquidity within its network. The rollout of a remittance service would be another push by WLFI in building use cases around USD1.
Political Scrutiny Amps Up
The move to launch World Swap follows California’s Representative Ro Khanna sharing a letter announcing an investigation into Trump’s crypto ties, seeking “information and documents” to address concerns about the connections between the UAE, the PRC, and the White House.
The letter, addressed to WLFI co-founder Zach Witkoff, referenced a Wall Street Journal report stating that “lieutenants to an Abu Dhabi royal” agreed to purchase a 49% stake in World Liberty Financial for $500 million shortly before President Donald Trump took office.
Launched in 2024, Trump is the “co-founder emeritus” and the chief crypto advocate at the firm. Trump’s sons, Eric and Donald Trump Jr., are co-founders and Web3 ambassadors as well. His third son, Barron, is a co-founder and “DeFi [decentralized finance] visionary”.
The letter said the reported investment also led to additional issues, including the use of the company’s USD1 stablecoin in a deal linked to a $2 billion investment in Binance (BNB). According to a Forbes investigation, Binance holds approximately 87% of all USD1 in circulation, which accounts for around roughly $4.7 billion of the token’s $5.4 billion total supply.
Binance is currently barred from serving U.S. customers under the terms of its 2023 settlement with the Treasury Department. If those restrictions are being followed, the USD1 held in Binance-controlled wallets is most likely being held on behalf of customers outside the U.S.
Read also: Solana’s Crypto Supercycle Could Begin In Asia, Says HSDT Executive Chairman
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