World Liberty Financial (WLFI) announced at a panel at Token2049 in Singapore on Wednesday its plans to launch USD1 stablecoin payments on major online platforms. Mesh introduced its partnership with WLFI; the rollout is scheduled for this quarter. The market capitalization of USD1 is $4.45 billion.

WLFI targets leading Web2 businesses

WLFI CEO Zach Witkoff and co-founder Zak Folkman discussed their plans on the stablecoin panel alongside Mesh co-founder and CEO Bam Azizi. According to Azizi, the partnership will allow USD1 holders to pay with the stablecoin across Mesh’s merchant payment infrastructure network. Folkman added that the company is preparing to implement the same technology with "some of the largest Web2 businesses."

USD1 is issued by BitGo and backed by liquid reserves

WLFI is a crypto venture project backed by the family of U.S. President Donald Trump. The USD1 stablecoin is pegged to $1, issued by BitGo, and backed by cash, U.S. government money market funds, and other cash equivalents.

OCC conditional approval for trust bank and plans to take issuance in-house

In August, the U.S. Office of the Comptroller of the Currency (OCC) granted WLFI conditional approval to establish a national trust bank for issuing dollar stablecoins and providing digital asset custody services. According to Witkoff, this will allow WLFI to take over direct issuance of USD1; currently, the token is issued through BitGo. The approval drew criticism from Senator Elizabeth Warren, after which a group of senators introduced the Ending Presidential Corruption in Banking Act. The OCC stated it acted within its authority and ethical obligations when reviewing the application.