Tag: UAE

Real-world asset (RWA) tokenization is gaining momentum in the United Arab Emirates (UAE) as industry players position themselves to meet increasing demand for blockchain-based asset trading. RWA tokenization involves minting financial and other tangible assets into blockchain-based tokens, increasing accessibility and liquidity for traditionally illiquid assets. On Feb. 3, onchain RWAs rose to a cumulative all-time high of…

Troubled cryptocurrency exchange Bybit is making preparations for a full operational license in the United Arab Emirates (UAE) after recently suffering a $1.4 billion hack. Bybit received in-principle approval to set up a virtual asset platform operator in the UAE from the Securities and Commodities Authority (SCA), the exchange announced on Thursday, Feb. 27. The approval marks…

The Dubai Financial Services Authority (DFSA) has officially approved Circle’s stablecoins USD Coin and EURC (EURC) as recognized tokens under the authority’s crypto regime — the first stablecoins approved under the regime. Due to this new status, companies in the Dubai International Financial Centre (DIFC) can now integrate the two stablecoins into a range of digital…

Data from app analytics platform AppsFlyer shows that cryptocurrency applications saw a sharp increase in adoption in the United Arab Emirates in 2024. According to AppsFlyer, downloads of the top 49 crypto apps in the UAE reached 6.2 million in 2023. That jumped to 15 million in 2024, a 41% increase. Most of these downloads…

Cryptocurrency firm Tether is expanding the use of its USDt stablecoin in real estate transactions through a new partnership with Reelly Tech, a United Arab Emirates-based real estate platform. The partnership aims to simplify property transactions using Tether’s USDt stablecoin. As part of the partnership, Reelly Tech will offer its customers the opportunity to use…

Stablecoin issuer Tether has announced that its United Arab Emirates dirham-pegged stablecoin will be launched on The Open Network (TON) blockchain. At the TON Gateway event held in Dubai, Alessandro Giori, Tether’s senior strategic partnership manager, announced that its dirham stablecoins, announced earlier this year, will be launched on the TON blockchain. On Aug. 21,…