Pakistan’s central bank has signed an agreement with SC Financial Technologies linked to World Liberty Financial, Reuters reports.

Agreement and participants

The memorandum reportedly involves the State Bank of Pakistan and SC Financial Technologies, a firm associated with World Liberty Financial, which has ties to the Trump family. The parties are said to discuss technical and regulatory steps to bring the stablecoin USD1 into the national payments framework.

Planned use and coexistence with a CBDC

According to Reuters, USD1 is expected to operate alongside a central bank digital currency that the regulator is currently developing. Officials envision the stablecoin functioning in parallel with the digital currency, with specific settlement and access arrangements still under consideration.

Next steps and timing

An official announcement may occur during a visit to Islamabad by Zak Witkoff, chief executive officer of World Liberty Financial. Reuters notes that discussions continue and that further technical and regulatory details remain to be finalized by the parties involved.