Pakistan crypto deal with Trump-linked firm brings White House access but no pilot project

Pakistan's January memorandum of understanding with an affiliate of World Liberty Financial has not yet produced a pilot project, licences or known transactions, according to officials cited in a report published on Friday. The agreement was signed in Islamabad between Pakistan's Ministry of Finance and SC Financial Technologies, an affiliate of the crypto firm linked to the Trump family. It was presented as an effort to explore the use of the USD1 stablecoin for cross-border payments.

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The report says Prime Minister Shehbaz Sharif and army chief Field Marshal Asim Munir were present when the firm's executives were welcomed to Islamabad. It also says the agreement was signed by Finance Minister Muhammad Aurangzeb and Zach Witkoff, the son of Trump adviser Steve Witkoff. Nearly six months later, Pakistani officials have confirmed that no pilot project has begun, no licences have been issued and there are no known transactions using USD1.

That gap between the ceremony and the practical outcome has not prevented the deal from carrying political value. Analysts quoted in the report say Pakistan has gained rare access to the Trump administration through the arrangement, even without a functioning project. The report also links the firm to a large financial windfall for Donald Trump's family from token sales, saying World Liberty Financial brought him more than $500m in 2025 alone.

The episode sits at the intersection of finance, diplomacy and influence. Stablecoins are digital currencies designed to hold a fixed value, usually tied to the US dollar, and are used to move money over the internet without banks. World Liberty Financial's USD1 is one such token, and the firm earns interest on the reserves backing each coin, meaning wider use can generate income for its owners.

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In that context, Pakistan's early engagement with the company has been read as more than a technical financial discussion. Pakistan is already one of the world's largest crypto markets, and the report says it ranked third globally in a crypto adoption index last year, behind India and the United States. Much of the country's informal crypto activity is believed to flow through Tether's USDT, the world's largest stablecoin.

The report says there are no indications that USD1 has featured in any Pakistani transactions, and it remains unclear how much money moves through such channels overall. The timing also matters because the deal was struck shortly after Donald Trump returned to office, giving the arrangement a direct link to the new administration. The report suggests that the political significance of the MoU may have outweighed its immediate financial substance.

For Pakistan, a country that often seeks to balance economic needs with strategic relationships, even symbolic access to Washington can carry weight. What remains unclear is whether the memorandum will lead to any regulated pilot, formal licensing or actual use of USD1 in Pakistan. Officials have not said when, or whether, that could happen.

The report leaves open whether the agreement will become a practical payments project or remain mainly a diplomatic signal.

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