The Government of Pakistan has officially signed a memorandum of understanding (MoU) with SC Financial Technologies, an affiliate of World Liberty Financial (WLF), to explore the integration of the USD1 stablecoin into the nation’s financial system. The agreement, announced Wednesday, marks one of the first major sovereign partnerships for the crypto venture linked to the family of U.S. President Donald Trump.
The MoU was finalized during a high-profile visit to Islamabad by Zachary Witkoff, CEO of World Liberty Financial and son of U.S. Special Envoy Steve Witkoff. In a series of meetings that included Prime Minister Shehbaz Sharif and Chief of Army Staff Field Marshal Asim Munir, Witkoff emphasized Pakistan’s potential as a leader in digital finance. The partnership seeks to establish a framework for technical dialogue regarding cross-border settlements, foreign exchange processes, and the modernization of digital payment architectures.
Under the terms of the deal, SC Financial Technologies will collaborate with the State Bank of Pakistan to study how the USD1 stablecoin—a digital asset backed by U.S. Treasurys—can operate alongside Pakistan’s developing digital currency infrastructure. This move is seen as a strategic effort by Pakistan to reduce its reliance on physical cash and streamline the flow of international remittances, which remain a vital pillar of the country’s economy.
Finance Minister Muhammad Aurangzeb, who signed the agreement on behalf of the state, noted that the collaboration is part of a broader “Digital Pakistan” initiative. He stated that the government’s focus is to stay “ahead of the curve” by engaging with credible global players while ensuring that any financial innovation remains strictly aligned with national regulation, stability, and interest. The move follows the recent passage of the GENIUS Act in the United States, which provided the regulatory clarity necessary for dollar-backed digital assets to expand globally.
The partnership also highlights a notable warming of ties between Islamabad and Washington. As the USD1 stablecoin gains traction—recently bolstered by a $2 billion transaction involving Abu Dhabi’s MGX—Pakistan’s engagement suggests a growing international confidence in Trump-linked financial ventures. Local regulators, including the Pakistan Virtual Asset Regulatory Authority (PVARA), confirmed that this MoU builds on a year of groundwork, including a prior letter of intent signed with the Pakistan Crypto Council last April.
