Afraid to buy tokens, does WLFI token-stock still have a chance?

Editor's note: On September 1, World Liberty Financial (WLFI) launched its token for the first time, making it available for claiming and trading. However, as early as August, WLFI had already wrapped its token as an equity token and went public in the US stock market through a backdoor listing.

Currently, from a market capitalization perspective, ALT5, as the "WLFI Reserve Treasury Stock," is severely undervalued. But will the price of ALT5 shares be linked to the price of the WLFI token? And what kind of market trends will the current divergence between bulls and bears on WLFI's price bring?

The author is still observing these questions. The following is an in-depth analysis of the ALT5 equity token company, originally published by BlockBeats on August 20. Enjoy reading.

In August, among the pile of Nasdaq announcements, there was a seemingly ordinary financing deal that exploded like a hidden mine: ALT5 Sigma issued up to 200 million common shares at $7.50 per share (about 100 billions RMB), exchanging shares for WLFI tokens, and brought Eric Trump, the youngest son of Trump, onto the board of directors.

Overnight, this fintech company ALT5, with annual revenue of only $20 million, transformed into the "Trump family's listed treasury." ALT5 is not just raising funds; it is openly pushing the Trump family token WLFI and its politically charged stablecoin USD1 into the US securities system.

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

This company was founded just two months before the US election. In just a few months, WLFI has already brought in hundreds of millions of dollars in revenue for the family business through the stablecoin USD1. In other words, what ALT5 is integrating is not just a stablecoin, but an entire set of political financial weapons.

The question is—Is ALT5 really raising funds, or is it selling a ticket to wealth labeled "political dividend"?

1. The Hidden Lineage of ALT5: The Intertwining of Three Forces

The shareholder list of a company often tells more than its financial statements.

The shareholder structure of ALT5 is almost a puzzle of power: offshore capital, Wall Street funds, and the political token faction are intertwined, making the company look both like a fintech enterprise and a political-financial experiment.

What really gives ALT5 a whiff of gunpowder are these shareholders: the political token faction. There are two representatives: Zach Witkoff and Eric Trump.

Eric Trump needs little introduction—he is the son of US President Trump, currently overseeing the family's crypto ventures, and has directly joined the ALT5 board.

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

Judging by his resume alone, Zach Witkoff's background already determines that he is not an ordinary entrepreneur. He is the son of Steven Witkoff, a famous New York real estate developer who currently serves as the US Special Envoy for Middle East Affairs. The Witkoff family has decades of experience in Manhattan real estate, having held many landmark buildings, and Steven has long-standing connections in New York's financial and political circles.

The Trump family's origins are in real estate, and Steven Witkoff has had a close relationship with the Trumps in the New York real estate scene for years.

The relationship between Zach and the Trump family can be summed up in one sentence: real estate family friends + political binding. So the relationship between Zach and Eric is not just "cooperation," but a family-style political-financial alliance.

If Eric Trump brings the family's political resources to the table, then Zach Witkoff is the one executing the financial implementation for the Trump family. He is the key bridge in this political-financial intertwining.

The presence of these two people means that ALT5's development path will become increasingly politicized. It is not just pursuing business expansion, but is preparing financial tools for the US political cycle of 2025–2028. To some extent, it is part of the Trump family's "financial arsenal."

Let's look at one of ALT5's major shareholders, an offshore company registered in the Bahamas—Clover Crest Bahamas Ltd., holding about 11% of 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 avoid excessive regulatory scrutiny.

Simply put, Clover Crest is like a secret channel for the Trump family, allowing money to be quietly funneled into ALT5 and risks to be isolated when necessary.

Another shareholder force comes from Wall Street fund companies, such as the well-known Vanguard. These funds may be indirectly held by retail investors worldwide, as they operate large-scale index funds.

Vanguard's shareholding in ALT5 is not high and appears to be a passive allocation. But the problem is: when the public sees names like "Vanguard" on the shareholder list, they instinctively feel the company is "legitimate" and "reliable." This is what's called a legitimacy endorsement.

These three forces each have different logics: offshore backers provide covert funding channels to ensure money can flow in; Wall Street funds provide a facade and legitimacy, making the company appear "compliant and regular"; the political token faction provides narrative and strategic direction, pushing ALT5 onto the global stablecoin stage.

The combination of the three makes ALT5 both clean and dangerous.

On the surface, it is a rule-abiding fintech company; in reality, it is being used as a "Trojan horse" for stablecoins, quietly carrying political and capital ambitions under the guise of compliance.

2. The FinTech Disguise—Where Does the Hidden Door of Compliance Lead?

On paper, ALT5 is a perfectly normal fintech company. It holds all the necessary licenses and offers a full suite of services, including payment gateways, OTC trading, custody, and white-label exchanges. With annual revenue of about $20 million and a gross margin close to 50%, it is considered an outstanding performer in the crypto payments industry. Compliant, transparent, and with impressive data, it even appears "cleaner" than many traditional payment companies.

But what truly propelled ALT5 from a niche tool-type FinTech to a global focal point was the $1.5 billion financing in August 2025. Overnight, it was no longer just an API company but was elevated to a whole new position—as the "Nasdaq treasury" for the Trump stablecoin WLFI.

This means ALT5 is no longer just a technology vendor but has become a key node in the globalization of stablecoins.

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

First is the protection of its surface identity. If the WLFI stablecoin wanted to directly enter payment networks in various countries, it would almost certainly hit the regulatory walls of central banks. But ALT5 already holds fintech licenses and can take the lead as a "payment API service provider." Regulators see a compliant FinTech, not a politically charged stablecoin.

Second is the hidden channel for cross-border settlement. ALT5 Pay's API allows merchants to accept BTC, USDT, and other cryptocurrencies, which are then automatically converted to USD or EUR in the backend. If WLFI/USD1 is integrated, merchants and users might not even realize they are using a stablecoin endorsed by the Trump family. On the surface, it's "payment technology," but in reality, it enables the penetration of stablecoins.

Finally, there is the natural grafting onto a global network. ALT5 has already integrated the Lightning Network and stablecoin payment systems, offering much higher efficiency than traditional cross-border payments relying on SWIFT. For many emerging markets with strong demand for USD but lacking direct channels to Wall Street, ALT5 provides an invisible expressway. Through it, WLFI can quickly "sink in" and enter global trading scenarios with minimal resistance.

In this way, the significance of that $1.5 billion financing becomes clear: it is not just expansion capital, but more like a strategic deployment to lay global payment pipelines for WLFI.

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

This dual narrative makes ALT5 a classic "FinTech disguise." Externally, it is clean, transparent, and professional—a textbook FinTech; internally, it is being elevated to a strategic level, becoming an indispensable piece in the puzzle of stablecoin globalization.

This may be the key to how WLFI was able to quickly leap from a political concept to a real financial tool: it found a "legal backdoor" like ALT5.

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

3. Trump's Shadow Financial Empire

ALT5 is just the tip of the iceberg; beneath it lies a much larger map—the Trump family is building its own dollar system.

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