In August, amid the pile of Nasdaq announcements, a seemingly ordinary financing deal exploded like a hidden mine: ALT5 Sigma issued up to 200 million common shares at $7.50 per share (approximately 10 billion yuan), exchanging them for WLFI tokens and bringing Eric Trump, Donald Trump's younger son, into the board of directors.

Overnight, ALT5, a financial technology company with annual revenue of no more than $20 million, transformed into the "Trump family's listed treasury". ALT5 is not just raising funds; it is boldly pushing the Trump family's token WLFI and its issued USD1 stablecoin, bearing a strong political imprint, into the US securities system.

WLFI (World Liberty Financial) is not merely a startup enterprise, but a "political mint" personally crafted by the Trump family.

Founded two months before the US election, in just a few months, WLFI has brought in hundreds of millions of dollars in revenue for the family business through its USD1 stablecoin. In other words, ALT5 is integrating not just a stablecoin, but an entire political financial weapon.

The question is—is ALT5 truly raising funds, or selling a wealth ticket marked with "political dividends"?

I. ALT5's Hidden Lineage: The Intersection of Three Forces

A company's shareholder list often reveals more than its financial report.

ALT5's shareholder structure is almost a power puzzle: offshore capital, Wall Street funds, and political token factions are interwoven, making the company look like both a fintech enterprise and a political financial experiment.

What truly gives ALT5 a gunpowder-like essence is this type of shareholder: the political token faction. The key representatives are two individuals: Zach Witkoff and Eric Trump.

Eric Trump needs no introduction—the son of the US President, currently managing the family's crypto industry, directly entering ALT5's board of directors.

Worth discussing is Zach Witkoff—co-founder of the WLFI stablecoin and chairman of ALT5.

Just looking at his background, Zach Witkoff was destined not to be an ordinary entrepreneur. He is the son of famous New York real estate developer Steven Witkoff, who currently serves as a US Middle East envoy. The Witkoff family has decades of accumulation in Manhattan real estate, holding several landmark buildings, with his father Steven having long-standing connections in New York's financial and political circles.

The Trump family started in real estate, and Steven Witkoff has long-standing connections with the Trump father and son in New York's real estate scene.

Zach's relationship with the Trump family can be summarized in one sentence: real estate acquaintances + political bundling. So Zach and Eric's relationship is more than just "cooperation", but a family-style political financial alliance.

If Eric Trump puts the family's political resources on the table, then Zach Witkoff is the one executing the financial landing for the Trump family. He is the key bridging figure in this political-financial interweaving.

Therefore, the existence of these two individuals means that ALT5's development path will become increasingly politicized. It is not just pursuing commercial expansion, but preparing financial tools for the 2025-2028 US political cycle. To some extent, it is part of the Trump family's "financial arsenal".

Let's look at another major shareholder of ALT5, an offshore company registered in the Bahamas—Clover Crest Bahamas Ltd., holding about 11% of shares. The Bahamas is well-known as a famous tax haven where many wealthy individuals and enterprises register their companies. The reason is simple: enjoying lenient tax policies while avoiding excessive regulatory scrutiny.

In simpler terms, Clover Crest is like a hidden channel for the Trump family, able to quietly channel money into ALT5 and isolate risks when needed.

Another shareholder force comes from Wall Street fund companies, such as the most familiar Vanguard. These funds could be indirectly held by global retail investors as they manage large-scale index funds.

Vanguard's shareholding in ALT5 is not high and appears to be passively allocated. But the issue is that when the public sees a name like "Vanguard" on the shareholder list, they will intuitively feel that the company is "legitimate" and "reliable". This is so-called legitimacy endorsement.

These three forces each have different logics: offshore financiers provide hidden funding channels to ensure money can flow in; Wall Street capital provides a facade and legitimacy to make the company look "compliant and regular"; the political token faction provides narrative and strategic direction, pushing ALT5 onto the global stablecoin stage.

Combined, they make ALT5 both clean and dangerous.

On the surface, it is a well-behaved financial technology company; in reality, it is being used as a "Trojan horse" of stablecoins, quietly carrying the ambitions of politics and capital under a compliant exterior.

II. The FinTech Coat—Where Does the Hidden Door Under Compliance Lead?

On the books, ALT5 is a perfectly normal financial technology company. It holds comprehensive licenses, offering a full suite of services including payment gateways, OTC trading, custody, and white-label exchanges, with annual revenue of around $20 million and gross margins close to 50%, making it a top performer in the crypto payment industry. Compliant, transparent, with impressive data, it even looks "cleaner" than many traditional payment companies.

What truly elevated ALT5 from a niche tool-type FinTech to a global focus was the $1.5 billion financing in August 2025. Overnight, it was no longer just an API company, but was pushed to a new position—becoming the "Nasdaq treasury" for Trump's stablecoin WLFI.

This means ALT5 is no longer just a technology factory selling services, but a key node in stablecoin globalization.

Why call it a "back door"? The reason is actually quite simple.

First is the protection of surface identity. If the WLFI stablecoin wants to directly enter payment networks of various countries, it will almost certainly hit the high walls of central banks and regulators. But ALT5 has ready financial technology licenses, able to take the first step as a "payment API service provider". Regulatory agencies see a compliant FinTech, not a stablecoin with heavy political color.

Secondly, a hidden channel for cross-border settlement. ALT5 Pay's API allows merchants to accept BTC, USDT, and other cryptocurrencies, automatically converting them to US dollars or euros in the backend. If WLFI/USD1 is embedded, merchants and users might not even realize they are using a stablecoin backed by the Trump family. On the surface, it's "payment technology", but in reality, it completes stablecoin infiltration.

Lastly, natural grafting of global networks. ALT5 has already connected Lightning Network and stablecoin payment systems, with efficiency far surpassing traditional cross-border payments relying on SWIFT. For emerging markets with strong US dollar demand but lacking direct channels to Wall Street, ALT5 provides an invisible express lane. Through it, WLFI can quickly "penetrate", entering global trading scenarios with extremely low resistance.

With this, the significance of that $1.5 billion financing becomes clear: it is not simply expansion capital, but more like a strategic deployment of global payment pipelines for WLFI.

ALT5 can naturally continue to assure regulators, "We are just a compliant API payment company". But in the shadows, its interfaces may be becoming tracks for stablecoins to bypass traditional financial systems.

This dual narrative makes ALT5 a typical "financial technology facade". From the outside, it is clean, transparent, and professional, a textbook FinTech; internally, it is being pushed to strategic heights, becoming an indispensable piece in the global stablecoin puzzle.