In August, among the pile of announcements on Nasdaq, there was a seemingly ordinary financing deal that exploded like a hidden bomb: ALT5 Sigma issued up to 200 million shares of common stock at $7.50 per share (approximately 10 billion RMB), exchanging shares for WLFI tokens, and brought Eric Trump, the youngest son of Donald Trump, onto its board.
Overnight, this financial technology company, which had an annual revenue of only $20 million, transformed into "the Trump family's publicly listed treasure chest." ALT5 is not just raising funds; it is brazenly pushing the politically charged WLFI token and its issued USD1 stablecoin into the U.S. securities system.
WLFI (World Liberty Financial) is not merely a startup; it is a "political mint" crafted by the Trump family.
This company was established two months before the U.S. elections, and within a few months, WLFI has already brought hundreds of millions of dollars in revenue to the family business through the stablecoin USD1. In other words, ALT5 is not just integrating a stablecoin, but a complete set of political financial weapons.
The question is—Is ALT5 genuinely raising funds, or is it selling a wealth ticket inscribed with "political dividends"?
1. The Secret Lineage of ALT5: The Interconnection of Three Forces
A company's shareholder list often reveals more than its financial reports.
The shareholder structure of ALT5 is almost a power puzzle: offshore capital, Wall Street funds, and the political token faction intertwine, making this company appear both as a fintech enterprise and a political financial experiment.
What truly gives ALT5 a powder keg vibe is this type of shareholder: the political token faction. The two representative figures are Zach Witkoff and Eric Trump.
Eric Trump needs no introduction—he is the son of U.S. President Donald Trump, and the family's cryptocurrency business currently falls under his jurisdiction, directly entering the ALT5 board.
What deserves more attention is Zach Witkoff—co-founder of the WLFI stablecoin and currently serving as the chairman of ALT5.
If we only look at his resume, Zach Witkoff's background already determines that he is not an ordinary entrepreneur. He is the son of Steven Witkoff, a prominent real estate developer in New York, who currently serves as the U.S. Special Envoy for Middle East Peace. The Witkoff family has decades of accumulation in Manhattan's real estate sector, having held several landmark buildings, and his father Steven has had extensive dealings with New York's financial and political circles.
The Trump family's rise is rooted in real estate, and Steven Witkoff has long-standing connections with the Trump family in the New York real estate scene.
Zach's relationship with the Trump family can be summarized in one sentence: real estate connections + political ties. Therefore, the relationship between Zach and Eric is not merely "cooperation," but a familial political financial alliance.
If Eric Trump puts the family's political resources on the table, then Zach Witkoff is the one executing the financial grounding for the Trump family. He is a key bridge in this intertwining of political and financial interests.
Thus, the existence of these two individuals signifies that ALT5's development path will become increasingly politicized. It is not just pursuing commercial expansion but is also preparing financial tools for the U.S. political cycle from 2025 to 2028. To some extent, it is part of the Trump family's "financial arsenal."
Next, let's take a look at one of ALT5's major shareholders, an offshore company registered in the Bahamas—Clover Crest Bahamas Ltd., which holds about 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: it allows for lenient tax policies while avoiding excessive regulatory scrutiny.
In simpler terms, Clover Crest acts like a hidden channel for the Trump family, enabling them to quietly funnel money into ALT5 while also isolating risks when necessary.
Another source of shareholder power comes from Wall Street fund companies, such as the well-known Vanguard Group. These types of funds may be indirectly held by retail investors globally, as they manage large-scale index funds.
Vanguard's stake in ALT5 is not high and appears to be a passive allocation. However, the issue is that when the public sees a name like "Vanguard" on the shareholder list, they instinctively perceive the company as "legitimate" and "reliable." This is what is known as legal endorsement.
These three forces each have different logics: offshore financiers provide concealed funding channels to ensure money flows in; Wall Street funds provide facade and legitimacy to ensure the company appears "compliant and legitimate"; and the political token faction provides narrative and strategic direction, pushing ALT5 onto the global stablecoin stage.
The combination of these 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 stablecoin version of a "Trojan horse," quietly carrying political and capital ambitions under the guise of compliance.
2. The FinTech Facade—Where Does the Hidden Door Lead?
On paper, ALT5 is an entirely normal fintech company. It holds all the necessary licenses, offering a complete set of services including payment gateways, OTC trading, custody, and white-label exchanges, with an annual revenue of about $20 million and a gross margin close to 50%, making it a top performer in the crypto payment industry. Compliant, transparent, with impressive data, it even appears "cleaner" than many traditional payment companies.
However, what truly propelled ALT5 from a niche tool-based fintech to a global focus was the $1.5 billion financing in August 2025. Overnight, it transformed from a company merely providing APIs to becoming the "Nasdaq vault" for the Trump stablecoin WLFI.
This means that ALT5 is no longer just a technology-selling factory; it has become a key node in the globalization of stablecoins.
Why is it referred to as a "backdoor"? The reasoning is quite simple.
First is the protection of its surface identity. If the WLFI stablecoin wants to directly enter payment networks in various countries, it will almost certainly hit the high walls of central banks and regulators. But ALT5 has existing fintech licenses, allowing it to take the lead as a "payment API service provider." Regulatory agencies see a compliant fintech company, not a politically charged stablecoin.
Secondly, there is a hidden channel for cross-border settlements. ALT5 Pay's API allows merchants to accept cryptocurrencies like BTC and USDT, which can then be automatically converted to USD or EUR in the background. If WLFI/USD1 is integrated, merchants and users may not even realize they are using a stablecoin backed by the Trump family. On the surface, it is "payment technology," but in reality, it completes the infiltration of stablecoins.
Finally, there is the natural integration with a global network. ALT5 has already connected the Lightning Network with stablecoin payment systems, offering efficiency far superior to traditional cross-border payments reliant on SWIFT. For many emerging markets with a strong demand for USD but lacking direct access to Wall Street, ALT5 provides an invisible express lane. Through it, WLFI can quickly "sink" into global trading scenarios with minimal resistance.
Thus, the significance of that $1.5 billion financing becomes clear: it is not merely expansion capital but more like a strategic deployment to lay the groundwork for WLFI's global payment pipeline.
ALT5 can naturally continue to assure regulators, "We are just a compliant API payment company." But in the shadows, its interfaces may be becoming the tracks for stablecoins to bypass the traditional financial system.
This dual narrative makes ALT5 a typical "fintech facade." Externally, it is clean, transparent, and professional, a textbook example of fintech; internally, it is being pushed to a strategic height, becoming an indispensable piece in the puzzle of stablecoin globalization.
This may be the key reason why WLFI can quickly transition from a political concept to a real financial tool: it has found a "legitimate 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 have already been wide open.
3. The Shadow Financial Empire of Trump
ALT5 is just the tip of the iceberg; beneath it lies a larger landscape where the Trump family is building its own dollar system.
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