The platform wants to get a little part of the more than $9.6 trillion in daily trading activity in the foreign currency exchange market.
World Liberty Financial (WLFI), a decentralised finance (DeFi) platform supported by the family of US President Donald Trump, announced on Thursday that it will offer its users international currency exchange (FX) and money transfer services.
According to Reuters, the projected foreign exchange and remittance platform, World Swap, wants to compete with established remittance and FX service providers by offering reduced fees and a simpler user experience.
The Bank of International Settlements (BIS) says that the daily volume of global FX trading went over $9.6 trillion in April 2025. The World Bank says that the annual volume of personal remittances went over $892 billion in 2024.
WLFI applied for a national trust bank charter in January and then launched World Liberty Markets, a lending platform. The company is now expanding into foreign exchange and remittances. WLFI is growing, but Democratic politicians in the US are keeping an eye on it.
Foreign investment scrutiny intensifies
The Wall Street Journal reported in January that an investment company based in the United Arab Emirates bought a 49% share in WLFI for $500 million, only four days before Trump’s inauguration on January 20, 2025.
Sheikh Tahnoon bin Zayed Al Nahyan, the National Security Advisor for the United Arab Emirates, supports the investment vehicle Aryam Investment 1.
Democratic Representative Ro Khanna started an investigation into WLFI and the deal after reading the story. The California legislator stated, “This is about trust and openness in government.”
Trump said he didn’t know about the deal. “My family is taking care of that,” Trump added. “I guess they get investments from different people.”
Congressional concerns over national security implications
During a meeting of the US House Committee on Financial Services on Wednesday, Democratic members raised concerns about the agreement.
Stephen Lynch, a representative from Massachusetts, and Maxine Waters, a representative from California, said that the transaction might be a threat to national security because it could let the president’s office sell influence and take part in foreign pay-to-play schemes.