Trump-Backed WLFI Shakes Up Crypto with USD1 Stablecoin and Apple Pay Integration
World Liberty Financial Inc. (WLFI), backed by the Trump family, is making waves in the crypto world. With a 60% stake, the Trump family provides significant support as WLFI enters the mainstream payments market with an Apple Watch-compatible debit card and retail app. The company aims to bridge traditional finance and crypto, with key partners including Apple Pay.
WLFI's latest venture involves a USD1 stablecoin integrated with Apple Pay, allowing seamless crypto spending. The stablecoin is deployed on multiple chains, including Ethereum, Solana, and Avalanche, and is cross-chain operable through a collaboration with Chainlink. This multi-chain integration has led to a $3 billion valuation of the USD1 stablecoin, boosted by community-managed buyback-and-burn programs.
WLFI's retail application combines peer-to-peer payments and investment tools, targeting both crypto-native and non-crypto users. The company has also partnered with Bithumb, the second-largest Korean exchange, to tap into the $72 billion Asian crypto market. However, critics argue that WLFI is more of a fintech start-up than a proper DeFi protocol due to centralized decision-making and lack of token listing for governance.
WLFI has raised over $550 million and earned over $400 million in fees. Despite its success, security concerns persist. Co-founder Zak Folkman was previously involved with Dough Finance, which was hacked for $2 million. WLFI is not building its own blockchain, instead aiming to be chain-independent and cross-platform compatible.
WLFI's entry into the mainstream payments market, backed by the Trump family, is set to shake up the crypto industry. With its USD1 stablecoin, Apple Pay integration, and strategic partnerships, WLFI is poised to attract both crypto and non-crypto users. However, critics' concerns about governance and security should be addressed as the company continues to grow.
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