Trump-backed World Liberty Financial to roll out foreign exchange remittance service: report

World Liberty Financial (WLFI), a crypto project backed by members of the Trump family, said it plans to launch a foreign exchange and remittance platform aimed at lowering the cost of cross-border money transfers.

The platform, called World Swap, will connect users directly to debit cards and bank accounts globally and settle foreign exchange remittances at what the company describes as a fraction of the fees charged by traditional providers.

Zak Folkman, co-founder of World Liberty Financial, announced the initiative during the Consensus conference in Hong Kong, Reuters reported.

Folkman said more than $7 trillion moves globally between currencies each year and argued that traditional financial intermediaries extract significant fees from those flows, positioning World Swap as a lower-cost alternative to incumbent providers.

World Liberty Financial is a digital asset venture associated with the Trump family, and positioned around stablecoin and decentralized finance infrastructure. The company recently launched World Liberty Markets, a lending platform designed to drive usage of its USD1 stablecoin. Folkman stated that the lending platform has recorded $320 million in lending activity and more than $200 million borrowed within four weeks of launch.

The company’s expansion into remittances adds another potential revenue stream to a business that has drawn political scrutiny.

Political scrutiny

The growth of the Trump family’s crypto ventures has coincided with President Donald Trump's oversight of U.S. crypto policy, prompting ethics experts to raise concerns about potential conflicts of interest. The White House has denied that any such conflicts exist.

Recent reporting has intensified focus on the firm’s ownership structure and foreign ties. The Block previously covered a Wall Street Journal report that a United Arab Emirates sheikh acquired a 49% stake in World Liberty Financial shortly before Trump’s inauguration. President Trump later said he was unaware of a reported $500 million UAE investment linked to the firm. The House of Representatives has since launched a probe into the deal.