Prime Minister Shehbaz Sharif and Field Marshal Asim Munir met with World Liberty Financial CEO Zachary Witkoff to develop a plan to use stablecoins, a type of cryptocurrency pegged to the dollar, to facilitate cross-border payments. This partnership, the first World Liberty Financial has ever made with a sovereign country, is set to revolutionize the way Pakistanis living abroad send payments back home.
The more than 9 million members of the Pakistani diaspora are expected to remit at least $40 billion in FY26, which would surpass FY25’s already record-setting figure of $38 billion. These remittances provide the government with a substantial portion of its foreign exchange reserves, not to mention providing crucial aid to its recipients.
The primary sources of remittances come from Pakistanis residing in Saudi Arabia, the UAE, the UK, and the U.S. As such, the flow of money depends on the economic conditions of each country: when inflation or the cost of living increases, it means diaspora workers have less money left over to remit.
The transition to World Liberty Financial’s stablecoin USD1 is intended to lessen the impact of these economic fluctuations. It holds a 1:1 exchange rate with the dollar, which makes it easier to keep track of its actual value and to convert into foreign currencies. Stablecoins also bypass any processing delays or fees imposed by banks.
