WLFI's Entry into US Stocks: Can Trump's $10 Billion Launch a Bull Market?

林晚晚and others2Authors

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Trump: Pump the Coin, Dump the Stock

In August, in the Nasdaq announcement pile, there was a seemingly ordinary financing that exploded like a hidden bomb: ALT5 Sigma issued up to 2 billion common shares at $7.50 per share (about 10 billion RMB), exchanged with the WLFI token, and placed Eric Trump, Trump's youngest son, on the board of directors.

Overnight, this financial technology company ALT5, with only about $20 million in annual revenue, transformed into the "Trump family's publicly listed treasure trove." ALT5 was not only involved in financing; it was openly pushing the Trump family's WLFI token and the USD1 stablecoin, which carries a strong political imprint, into the U.S. securities system.

WLFI (World Liberty Financial) is not just a simple startup but a "political mint" personally created by the Trump family.

This company was founded in the two months leading up to the U.S. general election, and in just a few months, WLFI had generated hundreds of millions of dollars in revenue for the family business through the USD1 stablecoin. In other words, ALT5 was not just integrating a stablecoin but a whole set of political financial weapons.

The question is—Is ALT5 really raising funds, or selling a ticket labeled with "political dividends"?

I. ALT5's Hidden Lineage: The Conspiracy of Three Forces

The shareholder list of a company often speaks louder than its financial report.

ALT5's shareholder structure is almost like a power puzzle: offshore capital, Wall Street funds, and the political token faction are intertwined, making this company look like both a financial technology enterprise and a political financial experiment.

What truly adds to ALT5's suspicious nature are shareholders of this kind: the political token faction. The key figures are two: Zach Witkoff and Eric Trump.

Eric Trump needs no introduction—son of U.S. President Trump, and the family's cryptocurrency industry is currently under his purview, directly entering the ALT5 board of directors.

Worth mentioning is Zach Witkoff—co-founder of the WLFI stablecoin and also serving as Chairman of ALT5.

If we look at his background alone, Zach Witkoff's origins already indicate he is not an ordinary entrepreneur. He is the son of New York's renowned real estate developer Steven Witkoff, who currently serves as the U.S. Special Envoy for Middle East Affairs. The Witkoff family has had decades of accumulation in the Manhattan real estate scene, having held many landmark buildings, and father Steven has had many years of involvement with New York's financial and political circles.

The Trump family's foundation is in real estate, and Steven Witkoff has a long-standing relationship with the Trump father-son duo in the New York real estate scene.

Zach's relationship with the Trump family can be summarized in one sentence: Real Estate Dynasties + Political Entanglement. Therefore, Zach's relationship with Eric is not just about "collaboration," but more of a familial political-financial alliance.

If Eric Trump put the family's political resources on the table, then Zach Witkoff is the person who executes the financial aspects for the Trump family. He is a key bridge figure in this political-financial intertwining.

So the presence of these two individuals signifies that ALT5's development trajectory will become increasingly politicized. It is not just about seeking commercial expansion but also about building financial instruments for the 2025–2028 U.S. political cycle. To some extent, it is part of the Trump family's "financial arsenal."

Now, let's look at one of ALT5's major shareholders, an offshore company registered in the Bahamas—Clover Crest Bahamas Ltd., holding approximately 11% of the shares. The Bahamas is well-known as a tax haven where many wealthy individuals and companies register their businesses. The reason is simple: they can enjoy lenient tax policies and evade excessive regulatory scrutiny.

In simple terms, Clover Crest is like a covert channel for the Trump family, allowing money to quietly flow into ALT5 and, when needed, segregate risks.

Another shareholder force comes from Wall Street's fund companies, such as the well-known Vanguard Group. Global retail investors may indirectly hold stakes in these funds because they operate large-scale index funds.

Vanguard's stake in ALT5 is not very high and seems like a passive allocation. However, the issue is: when the public sees a name like "Vanguard Group" appear on the shareholder list, they intuitively perceive the company as "legitimate" and "reliable." This is known as legitimacy endorsement.

These three forces each have different logics: the offshore benefactor provides a concealed funding channel to ensure money flows in; Wall Street funds provide a front and legitimacy to make the company appear "compliant and proper"; the political token faction provides narrative and strategic direction, propelling ALT5 onto the global stablecoin stage.

Through their combination, ALT5 becomes both clean and dangerous.

On the surface, it is a well-behaved financial technology company; in reality, it is being treated as a stablecoin version of a "Trojan Horse," quietly carrying the ambitions of politics and capital under the guise of compliance.

II. The Facade of FinTech - Where Does the Backdoor of Compliance Lead?

On the surface, ALT5 is as normal as can be for a financial technology company. Holding a complete set of licenses, it offers services such as a payment gateway, OTC trading, custody, and a white label exchange, with annual revenue of about $20 million, a gross margin close to 50%, and is considered a top performer in the crypto payment industry. Compliant, transparent, with beautiful data, it appears even "cleaner" than many traditional payment companies.

But what truly propelled ALT5 from a niche tool-type FinTech to a global focus was the $1.5 billion funding round in August 2025. Overnight, it transitioned from just an API company to a new position - becoming the "Nasdaq Treasury" of the Trump stablecoin WLFI.

This means that ALT5 is no longer just a tech-selling factory but has become a key node in the globalization of stablecoins.

Why call it a "backdoor"? The reason is actually quite simple.

First is the protection of surface-level identity. If the WLFI stablecoin wants to directly enter various national payment networks, it will almost certainly run into central bank and regulatory barriers. However, ALT5 holds a ready-made financial technology license and can take the lead as a "payment API service provider." Regulatory agencies see a compliant FinTech, not a politically charged stablecoin.

Second is the covert channel for cross-border settlement. ALT5 Pay's API allows merchants to receive cryptocurrencies such as BTC, USDT, which are then automatically converted to dollars or euros in the background. By embedding WLFI/USD1, merchants and users may not even realize they are using a stablecoin endorsed by the Trump family. While appearing as "payment technology" on the surface, it effectively facilitates the penetration of stablecoins.

Lastly, it is the natural grafting of a global network. ALT5 has already established connections between the Lightning Network and stablecoin payment systems, far more efficient than traditional cross-border payments relying on SWIFT. For many emerging markets with a strong demand for the dollar but lacking a direct channel to Wall Street, ALT5 provides an invisible fast lane. Through it, WLFI can swiftly "sink" and enter the global trading scene with minimal resistance.

This makes the significance of that $1.5 billion funding clear: it is not just expansion capital, but more like a strategic deployment to pave the way for WLFI's global payment pipeline.

ALT5 can certainly continue to assure regulators, "We are just a compliant API payment company." But in the shadows, its interface may be becoming a track for stablecoins to bypass the traditional financial system.

This dual narrative has made ALT5 a typical "FinTech facade." Externally, it is clean, transparent, and professional, a textbook FinTech; internally, however, it is being elevated to a strategic height, becoming an essential piece of the stablecoin globalization puzzle.

Perhaps this is precisely why WLFI was able to quickly transition from a political concept to a real financial tool: it found a "legal backdoor" like ALT5.

When the compliant facade is thick enough, stablecoins can quietly flow into merchants' and users' daily transactions, and by the time regulators truly react, that door may already be wide open.