World Liberty Financial plans USD1 payments rollout for major online businesses

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USD1 stablecoin rollout for online businesses

Highlights

World Liberty Financial will roll out USD1 stablecoin payments through the Mesh merchant network this quarter, targeting major online businesses.
USD1, issued by BitGo and backed by cash and U.S. government funds, currently has a $4.45 billion market capitalization according to CoinGecko.
Conditional OCC approval lets WLFI establish a national trust bank to issue USD1 directly, drawing criticism from Senator Elizabeth Warren and sparking proposed legislation.

Merchant payments rollout through Mesh network

As reported by Cointelegraph, World Liberty Financial executives said at Token2049 in Singapore on Wednesday that the company is preparing to bring USD1 stablecoin payments to major online businesses. WLFI CEO Zach Witkoff and co-founder Zak Folkman joined Mesh co-founder and CEO Bam Azizi on a panel focused on stablecoins, where Azizi announced a partnership that would let USD1 holders spend the token across Mesh's merchant network, with rollout planned for this quarter.

Folkman said the technology is intended to extend beyond the World Liberty app itself and reach some of the largest Web2 businesses in the market. USD1 is designed to maintain a value of $1 and is currently issued by BitGo, backed by reserves that include cash, U.S. government money market funds and other cash equivalents.

CoinGecko data cited in the report puts USD1's market capitalization at $4.45 billion at the time of writing, underscoring the scale WLFI is seeking to bring into online commerce infrastructure.

Trust charter could shift issuance in-house

WLFI is also positioning to take over issuance of USD1 after the U.S. Office of the Comptroller of the Currency granted conditional approval in August for the company to establish a national trust bank. According to Witkoff, that structure would allow WLFI to issue dollar-backed stablecoins directly and custody digital assets itself instead of relying on BitGo.

He said WLFI is issuing through BitGo today, but that the trust charter would let the company assume that responsibility on its own. The approval has drawn criticism from Senator Elizabeth Warren, who has alleged conflicts of interest tied to the Trump family's connection to WLFI, while Warren and other senators have introduced the Ending Presidential Corruption in Banking Act in response.

The OCC has said its leadership and staff acted in line with statutory duties and ethical obligations during the review process. At the Singapore panel, Witkoff described the conditional approval as an achievement secured despite criticism from mainstream media and politicians.

Our earlier coverage on the CFPB’s resumed spring examinations described how the watchdog shifted to a lighter-touch supervisory approach after a period of curtailed activity. We noted that more than half of reviews used an expedited process with mostly minor findings, while the total number of examinations was reduced—raising concerns from former officials that key consumer risks at nonbank firms could go unchecked.

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