On February 12, World Liberty Financial, a crypto project associated with the Trump family, announced plans to launch the forex platform World Swap as part of its USD1 stablecoin ecosystem.
At the Consensus Hong Kong conference, co-founder Zak Folkman stated that World Swap aims to simplify the cross-border money transfer process, directly challenging traditional remittance service providers, which often charge a fee of 2% to 10% per transaction.
Folkman revealed that it is building a more comprehensive financial product portfolio around its cash-backed USD1 stablecoin, including the recently launched lending platform World Liberty Markets. The platform attracted hundreds of millions of dollars in deposits within just weeks of its launch.
With the announcement of its forex business, the product line surrounding the USD1 stablecoin is rapidly expanding. The project is positioning itself as a full-stack financial ecosystem, and more announcements are expected at its Mar-a-Lago event later this month.
Folkman stated at the event that the company's goal is to streamline most of the complexities of crypto wallets and cross-border transfers, allowing users to send and receive digital dollars as easily as using mainstream payment applications. He positioned this planned foreign exchange service as a direct challenge to traditional remittance giants.
