The UAE's Central Bank has taken a significant step by granting initial approval to AED Stablecoin, setting it up to potentially be the first officially regulated dirham-pegged stablecoin in the region.
This move comes amid recent licensing rules that limit crypto payments, except for approved dirham-backed tokens, alleviating concerns about possible restrictions.
If fully licensed, AED Stablecoin’s AE Coin could be used for crypto trading and merchant payments, paving the way for broader digital currency use in the UAE.
The central bank’s framework favors stablecoins backed by cash reserves, excluding algorithmic and privacy-focused tokens. Issuers must either hold all reserves in dirhams or split them between cash and short-term government securities.
As the competition heats up, Tether has announced plans for its own dirham-backed stablecoin through local partnerships, while the UAE continues to attract global crypto firms.
Recent developments include OKX launching a local trading platform and M2 offering direct dirham-to-crypto conversions.
The first week of July brings several important developments in the United States that could influence both traditional markets and the cryptocurrency sector.
Ric Edelman, one of the most influential voices in personal finance, has radically revised his stance on crypto allocation. After years of cautious optimism, he now believes that digital assets deserve a far larger share in investment portfolios than ever before.
In the case involving Terraform Labs and its co-founder Do Hyeong Kwon, the defense has asked the Federal Court for the Southern District of New York to extend the deadline for pretrial filings by two weeks, pushing it beyond the original date of July 1, 2025.
Coinbase has emerged as the best-performing stock in the S&P 500 for June, climbing 43% amid a surge of bullish momentum driven by regulatory clarity, product innovation, and deeper institutional interest in crypto.