HONG KONG, Feb 12 - World Liberty Financial, a crypto venture backed by members of the Trump family, said on Thursday it will introduce a foreign exchange and remittance service called World Swap that the company says will simplify cross-border transfers and cut costs for users.
Speaking at the Web 3 event Consensus in Hong Kong, Zak Folkman, co-founder of World Liberty, described the scale of the foreign exchange market and framed the new product as an answer to what the firm sees as heavy fees levied by existing providers. "There’s over $7 trillion of money moving around the world from currency to currency, and all of this has been taxed very heavily by the incumbent players," Folkman said.
World Liberty has said World Swap will enable direct connections to debit cards and bank accounts around the globe and will settle foreign exchange remittances for what the company describes as "a fraction of" the fees charged by competitors. The announcement positions the new product as an attempt to drive lower-cost, more direct settlement paths for cross-border transfers.
Folkman also updated the audience on the firm’s recent activity around its USD1 stablecoin. He said World Liberty Markets - the company’s lending platform, which launched four weeks ago as part of a push to expand use of the stablecoin - has recorded $320 million in lending and more than $200 million borrowed.
Separately, earlier reporting in October noted that World Liberty fuelled a sharp increase in income for the Trump family business, known as the Trump Organization, including receipts from foreign entities during the first half of the previous year. That growth has drawn scrutiny from government ethics experts, who say the expansion of the Trump family’s crypto initiatives poses a conflict of interest while Donald Trump oversees U.S. crypto policy. The White House has denied that any such conflicts exist.
Context and implications
World Liberty’s move ties product innovation in crypto payments and stablecoin usage to broader questions about business relationships and public office. The firm is pitching World Swap as a low-fee alternative to incumbent foreign exchange and remittance providers while highlighting growing on-platform lending activity tied to its stablecoin.
Details on timing and regulatory clearances for World Swap were not provided beyond the company’s statement that the platform will be launched "soon."