Trump’s World Liberty Financial has announced a new partnership with Spacecoin in a bid to explore DeFi and space-based connectivity. The firms intend to implement their USD1 stablecoin in this network.
World Liberty Financial Plans USD1 Satellite Network
In a blog post, Spacecoin shared that both companies are building a token swap system, but did not share further details on how this will play out. This will be an avenue to develop solutions that combine DeFi and satellite internet connectivity.
Zak Folkman, co-founder of WLFI, shared his view on the benefits of the new collaboration in a statement.
“What stood out to us is the focus on execution and long-term utility. USD1 is intended to support payment and settlement activity in the real world, and partnerships like this are focused on exploring payments, settlement, and coordination in environments where traditional financial rails may be limited.”
Spacecoin shared that it recently launched three satellites into orbit as part of its low-earth-orbit satellite network plan. They shared that this new technology requires a proper financial system, and World Liberty Financial can provide that.
“Partnering with World Liberty Financial, a provider of compliant and trusted DeFi solutions means when our users come online for the first time, they can have access to one of the most important internet capabilities: to financially transact,” Tae Oh, Spacecoin Founder said.
This development comes not long after World Liberty Financial submitted an application to open its own trust bank charter. This is also in a bid to boost USD1 usage. This could be a major boost for the stablecoin, but it has been met with some resistance due to its connection to the Trump family.
WLFI Builds on Existing Product Offerings
The firm has continued to expand the services it offers its investors through strategic partnerships and innovation. Last month, the firm announced that it intends to roll out RWA products using USD1 collateral. This would open up institutional investors to a whole new venture.
Also, World Liberty Financial shared plans for a WLFI debit card. Investors can use the card for their day-to-day activities. The news was shared back in September, and developments around this have yet to be shared.
Meanwhile, the team has proposed to use some of the project’s treasury to boost the USD1 stablecoin supply. The funds would encourage investors to adopt the stablecoin on both centralized and decentralized exchanges.