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First Abu Dhabi Bank to use RWA tokens as collateral for stablecoin lending

First Abu Dhabi Bank to use RWA tokens as collateral for stablecoin lending

First Abu Dhabi Bank (FAB), a leading UAE bank with asset of $335 billion, has partnered with UAE based Libre Capital to offer digital tokens as collateral for its blockchain based lending program.

As per the article in CoinDesk, the new initiative enables approved lenders to use real world asset (RWA) tokens as collateral for stablecoin lending. These tokens represent digitized versions of traditional investment products, including funds from established firms like Brevan Howard, Hamilton Lane, and BlackRock.

Libre Capital, which began operations in March 2024, has already issued approximately $150 million worth of tokenized assets. These include various investment vehicles, such as Brevan Howard funds, Hamilton Lane’s fixed-income products, and a BlackRock money-market fund.

The program operates across multiple blockchain networks, demonstrating its broad technological reach. These networks include Ethereum, Polygon, Solana, NEAR, Aptos, and Coinbase’s layer-2 network BASE, providing flexibility and accessibility for users.

The initiative falls under Libre’s “Project HODL,” which stands for High-Yield Optimized Decentralized Liquidity. This project aims to create new utility for assets under management through collateralized lending mechanisms.

Dr. Avtar Sehra, founder and CEO of Libre, explained the technical aspects of the program stating, “We’ve been working on adding utility to our AUM in the form of collateralized lending,” he said. “It’s an on-chain infrastructure that allows these RWAs to be used as collateral.”

The lending process operates exclusively in stablecoins rather than traditional fiat currency. T

Sameh Al Qubaisi, group head of global markets at FAB, emphasized the bank’s commitment to innovation through this initiative. The program includes automated processes designed to ensure proper risk management and regulatory compliance.

The partnership creates new opportunities for holders of crypto assets who want to use their tokens as collateral. This practice has become increasingly popular in the cryptocurrency space, and First Abu Dhabi Bank involvement brings traditional banking infrastructure to support it.

The technical implementation includes credit lines provided through existing lenders, such as broker dealers and Laser Digital. FAB’s role involves handling liquidity through lending credit lines on Libre’s assets across various blockchain networks.

Prior to that MANTRA, a layer 1 blockchain purpose-built for tokenized real-world assets (RWAs) partnered with Libre Capital, a UAE-headquartered financial instruments tokenization and issuance platform, to provide investors with onchain access to a diverse range of attractive investment funds.

As per the partnership Libre Capital will provide those MANTRA users that are institutional or accredited investors with investment opportunities across a number of notable onchain funds, including leading hedge funds, private credit funds and money market funds.

UAE gets its first AED stablecoin approved

UAE gets its first AED stablecoin approved

The first AED (UAE Dirham) stablecoin has been approved by the Central Bank of the UAE and is set to launch soon according to AE Coin’s X post. The AE Coin will be the first AED ( Dirham backed) stablecoin to be licensed in the UAE. While Tether who announced early on its intention to launch its AED stablecoin has not yet even received initial approval.

The AE Coin promises an instant, secure, stable, innovative, low-cost, and efficient payment experience that will reshape the future of the digital economy. A few months earlier the AE Coin had announced it received preliminary approval from the Central Bank.

AE Coin aims to empower individuals and businesses to access modern financial tools, fostering financial inclusion, and supporting innovation in industries such as e-commerce, remittances, and decentralized finance (DeFi).

Ramez Rafeek, General Manager of AED stablecoin, remarked, “AE Coin harnesses the speed and efficiency of blockchain technology, offering instant, secure, and cost-effective transactions. It simplifies transfers, making them faster and more seamless. In a rapidly evolving digital world, AE Coin sets a new standard for trust, security, and innovation in digital currency.”


According to Chainalysis, the stablecoin market in the UAE has grown significantly in 2024. Through the first half of the year, the value of stablecoins received by services (particularly CEX and DEX) in UAE totaled over US$9.8billion, a 55% spike over the US$6.3billion received over H1 2023.

Stablecoins now account for the largest share of crypto activity in the UAE (51%), which stands significantly higher than both Bitcoin (19%) and Ether (9%), which are typically considered to be the most recognized and popular cryptocurrencies.

Also Circle the issuer of the USDC stablecoin just announced the opening of its offices in ADGM and its partnership with Lu Lu Fin.

USDC stablecoin issuer has set up office in Abu Dhabi ADGM

USDC stablecoin issuer has set up office in Abu Dhabi ADGM

Circle Internet Group, Inc., a global digital financial technology firm, and the issuer of the USDC stablecoin has incorporates its entity in the ADGM, as part of its strategic expansion into the Middle East and Africa.

As per the announcement, Circle has also entered into a partnership with LuLu Financial Holdings (‘LuLuFin’), and its affiliates, one of the largest financial services conglomerates in the region, to facilitate remittances and cross-border payments with USDC, Circle’s fully-reserved digital dollar.

Circle’s mission centers on enhancing financial inclusion and accessibility by deploying a stablecoin infrastructure that addresses gaps in financial services while complementing existing payment systems, particularly in high-traffic remittance corridors such as those traversing the Middle East. The partnership with LuluFin exemplifies this vision, deploying USDC as a robust platform to enable near-instant payments that enhance operational efficiency and reduce transaction costs.

LuLuFin operates across the Gulf Cooperation Council (GCC), Indian sub-continent and APAC region, managing over $10 billion in annual transactions. Through this partnership, LuluFin will optimize remittances and cross-border payment flows using USDC, initially targeting corridors between the Middle East and Asia, as well as Europe. By leveraging USDC, LuLuFin will benefit from increased liquidity and reduced volatility, while harnessing the speed, immutability, and traceability of blockchain technology.

“This partnership with LuLuFin marks a significant step forward in the evolution of cross-border payments within one of the world’s most dynamic remittance corridors,” said Jeremy Allaire, Co-founder and CEO of Circle, from the sidelines of Abu Dhabi Finance Week. “By incorporating in the ADGM and collaborating with industry leaders like LuLuFin, we strengthen our commitment to advancing the digital asset economy in the region. Together, we are driving innovative solutions and enhancing access to efficient digital financial offerings.”

“Our partnership with Circle reflects our unwavering commitment to innovation. At LuLu Financial Holdings, we have harnessed the transformative power of blockchain technology, enabling better, faster, and more seamless cross-border payment experiences for our customers. This collaboration with Circle marks another significant step forward in that journey, reinforcing our resolve to redefine remittance experiences with cutting-edge solutions,” said Adeeb Ahamed, Managing Director of LuLu Financial Holdings.

“We are proud to welcome Circle, the preeminent global stablecoin issuer, to one of the largest financial districts in the world — ADGM,” added Arvind Ramamurthy, Chief of Market Development at ADGM. “Circle’s products represent a powerful platform for intelligent financial services, and, alongside ADGM’s robust ecosystem, are positioned to unlock a myriad of opportunities for technological innovation and next-generation financial applications in the region. Their contribution will further strengthen ADGM’s position as a global financial powerhouse.”

“The Middle East is a crucial frontier for Circle’s mission of raising global economic prosperity through the frictionless exchange of value,” said Miriam Kiwan, VP, MEA at Circle. “By collaborating with impactful partners like LuluFin, we aim to transform how cross-border payments are conducted, ultimately delivering substantial benefits to individuals and businesses throughout the region.”

This comes just after the announcement that AE Coin has been issued the first stablecoin license in the UAE by the Central Bank of the UAE.

Tether also intends to issue its AED stablecoin in the UAE at the onset of 2025.

Crypto.com acquires Abu Dhabi based brokerage company

Crypto.com acquires Abu Dhabi based brokerage company

Crypto.com has acquired Orion Principals Limited, a brokerage company licensed by the Abu Dhabi Global Market (ADGM) in the UAE. As per the press release, the move is part of the company’s strategic plan to integrate traditional financial services into its platform, a step that will soon allow users to access securities (e.g. stocks), options, futures, contracts for difference (CFDs), and more.

Orion’s ADGM license enables Crypto.com to expand its offerings while maintaining compliance with one of the most respected regulatory frameworks for digital assets. With this acquisition, Crypto.com continues to grow its presence in the UAE, solidifying its reputation as a global innovator in digital finance.

“We have a clear path set out in our product roadmap for 2025—to offer our users the most comprehensive platform for a broad range of financial investment services. We are continually growing our presence in the UAE, which has one of the strongest regulatory frameworks for the digital assets industry globally and we appreciate ADGM’s commitment to supporting innovation in our sector.”
stated, Kris Marszalek, CEO of Crypto.com


For Crypto.com’s users, this move signals access to a more diverse range of investment opportunities. The integration of traditional financial instruments will allow traders to diversify their portfolios, managing both digital and conventional assets from a single platform. This blending of markets aligns with the growing demand for seamless cross-asset trading experiences and positions Crypto.com as a leader in unified financial services.

Crypto.com also recently gained a crypto payment services license in Bahrain and partnered with MasterCard to issue crypto cards in Bahrain.

BitOasis receives full VASP crypto broker license in UAE

BitOasis receives full VASP crypto broker license in UAE

BitOasis, the first local UAE crypto broker has finally received its full Virtual Asset Service provider license from VARA ( Dubai Virtual Asset Regulatory Authority). As per the VARA website BitOasis can now offer crypto broker services servicing both retail and institutional clients.

In June 2024 crypto broker received its first license in the GCC and MENA region from Bahrain. The Category 2 license allows BitOasis to offer crypto asset services from the Central Bank of Bahrain. Prior to the crypto broker receiving its license in Bahrain, CoinMENA, RAIN, ARP Digital and Binance had already received licenses.

ARP Digital, CoinMENA and Rain all hold a category 3 license, while only Binance holds a category 4 license. As such BitOasis will be the only category 2 license in Bahrain so far.

The company said in a blog post it will seamlessly transition to operating under its new license with immediate effect. It noted, “Securing the full VASP License marks the final step in VARA’s licensing process for the platform’s current activities, and represents a major milestone in BitOasis’ journey, opening a new chapter in the company’s work with VARA, the world’s first dedicated virtual assets regulator.”

As a homegrown industry pioneer, BitOasis was among the first platforms to secure a provisional operating permit from VARA shortly after the regulator’s launch in 2022.

Ola Doudin, Co-Founder and CEO of BitOasis, said, “This is a very significant moment for BitOasis and the broader virtual assets community in the region. Securing the full VASP License is not only a testament to our team’s dedication to regulatory compliance but also reinforces our resolve to lead the industry with integrity and accountability. We are grateful to VARA for their guidance and support throughout this process. We are excited to continue our growth and further enhance our products to meet the rapidly evolving needs of our clients.”

The Regulatory authority of ADGM in UAE publishes digital asset amendments consultation paper

The Regulatory authority of ADGM in UAE publishes digital asset amendments consultation paper

The Financial Services Regulatory Authority (FSRA) of ADGM has published Consultation Paper No. 11 of 2024 setting out proposed amendments to its regulatory framework for Authorized Persons conducting Regulated Activities involving Virtual Assets in ADGM and to seek feedback on potential changes to that framework.

The proposed amendments include revisions to the process by which Virtual Assets are accepted for use within ADGM and refinements to capital requirements and fees. The paper also seeks feedback on several questions, including questions relating to staking and other emerging business models involving Virtual Assets.

One of the proposed amendments is that now the scope of the Regulated Activity of Providing Custody under FSMR currently
encompasses Financial Instruments, VAs and Spot Commodities. As outlined above, all VAs held in custody must be AVAs. The FSRA is asking for feedback on whether authorized persons can engage in providing custody to other than AVAs and hold a broader range of digital assets. They are also asking what other digital assets could be held.

    Feedback is also sought on the criteria to be applied in determining whether non-ADGM issued Fiat-Referenced Tokens should be accepted within ADGM. The paper also proposes to expand the scope of investments in which Venture Capital Funds may invest.

    As per the consultation the FSRA does not intend to restrict acceptance to FRTs issued only by issuers located in ADGM (“Domestic FRTs”). However, the FSRA notes that FRTs issued by issuers outside ADGM (“Foreign FRTs”) may not be subject to standards as
    stringent as those applied to Domestic FRTs. Given this, Foreign FRTs approved as Accepted FRTs for use within ADGM will be
    categorised as such to distinguish them from Domestic FRTs, which are subject to FSRA standards.

    The consultation adds, all Authorized Persons that use Foreign FRTs in conducting Regulated Activities will have to disclose to their Clients that such Accepted FRTs are not subject to the FSRA’s requirements for issuers of Domestic FRTs.

      The consultation period will close on 31 January 2025.

      The new consultation paper came out on the same day that ADGM issued its fiat-referenced-tokens framework, better known as its stablecoin regulations.

      The new framework expands the suite of digital assets already offered by ADGM regulatory authority.
      As per the press release, the framework introduces several key components that establish robust standards for FRT issuers to ensure financial stability and investor protection such as reserve assets, governance and integrity, transparent disclosure, prudential safeguards and redemption rights.


      The framework makes FRT issuance a distinct Regulated Activity within ADGM’s comprehensive financial services regulatory regime. It has been designed to be risk-proportionate while ensuring FRT issuers operate in a safe and prudent manner.


      Emmanuel Givanakis, CEO of the ADGM FSRA stated, “Our FRT framework is a significant milestone in ADGM’s evolution as a progressive international financial centre. Through extensive consultation with industry stakeholders, we have created a regime that balances innovation with strong regulatory oversight. This framework provides the regulatory certainty that industry participants need while maintaining high standards of financial stability and investor protection. We believe this positions ADGM as a premier jurisdiction for responsible FRT issuance and shows our commitment to fostering responsible innovation in financial services.”

      As per the framework, an Accepted Fiat Referenced Token means a Fiat-Referenced Token that, in the opinion of the Regulator, meets the requirements that permit a regulated activity to be carried on in relation to it.
      The FSRA defined a Fiat-Referenced Token as a digital asset, the transfer and storage of which is achieved through the use of distributed ledger or similar technology, which can be used as a medium of exchange with a stable store of value, by referencing a fixed amount of a single fiat currency; and enabling the holder to redeem the token in exchange for the amount of the fiat currency referred to from its issuer upon demand.
      The fiat referenced token can be used for remittance payments, and payment transactions, including transfers, payments for services, direct debits, credit transfers between bank accounts, including standing order, and others.

      The Egyptian Food Bank uses blockchain tech for food traceability

      The Egyptian Food Bank uses blockchain tech for food traceability

      The Egyptian Food Bank, and Mahaseel Technologies, a leader in agri-tech innovation, have partnered to launched a blockchain enabled digital traceability platform, to revolutionize food security and supply chain transparency in Egypt.

      The new traceability solution enables the Egyptian Food Bank (EFB) to monitor its food sources comprehensively, whether fresh produce from farms or goods from manufacturers and suppliers. Each food carton distributed by EFB will now be identified with a unique QR code that traces every product in the box back to its original source. This system ensures unprecedented transparency, accountability, and quality control in EFB’s operations, safeguarding the organization’s mission of feeding those in need with integrity and efficiency.

      The blockchain-enabled platform provides a secure, immutable digital record of the journey each product takes from its source to the hands of beneficiaries. By scanning the QR code, EFB and its stakeholders can access real-time information on the origin, production, and distribution of food items. This enhanced visibility supports operational excellence while reinforcing donor confidence in the organization’s processes.

      “Partnering with the Egyptian Food Bank for this traceability platform strategically aligns with our mission to leverage technology to create meaningful, scalable impact in the agricultural and food sectors,” said Eng. Mohamed Abdel Rahman, CEO of Mahaseel. “By integrating blockchain technology, we aim to set new benchmarks in transparency and traceability for the food sector worldwide. Our product line – Trace by Mahaseel – is designed to empower governmental and non-governmental entities to harness the benefits of digital transformation in food security, providing them with the tools to make informed decisions backed by real-time data and unparalleled transparency throughout the supply chain.”

      The new platform ensures that food donations are optimally managed, with end-to-end traceability helping to prevent waste, ensure quality, and improve resource allocation.

      Mr. Mohsen Sarhan, CEO of the Egyptian Food Bank, stated “We are pleased to collaborate with Mahaseel, a leader in the field of digital transformation in the agricultural sector, to improve the efficiency of our food supply chain by implementing advanced digital technologies in a tracking platform powered by Block-Chain technology. These innovative solution will assist in correctly tracking every food product from the next stage of agriculture and delivering items to beneficiaries across the country, guaranteeing effective and tight control over operations inside the Egyptian Food Bank Foundation.”

      The traceability system’s efficiency and scalability, with plans for full implementation across all Egyptian Food Bank operations upon completion.

      Prosper for Bitcoin mining is Hashrate sponsor of Bitcoin MENA in UAE

      Prosper for Bitcoin mining is Hashrate sponsor of Bitcoin MENA in UAE

      Prosper, a decentralized protocol offering institutional-grade Bitcoin mining power on-chain, has announced that it is the official Hashrate Sponsor for Bitcoin MENA 2024. The highly anticipated conference will take place on December 9-10, 2024, at the iconic Abu Dhabi National Exhibition Centre (ADNEC), bringing together industry experts and key players from the global Bitcoin ecosystem and the wider crypto industry.

      As the official Hashrate Sponsor, Prosper will feature prominently at the event and host an interactive booth where attendees can engage directly with its team and explore how Prosper is setting the standard for institutional-grade Bitcoin mining power on-chain, further unlocking Bitcoin’s full potential as the most decentralized cryptocurrency.

      “As one of the most innovative community-focused projects under Animoca Brands, we are excited to showcase our unique offering at this year’s Bitcoin MENA event which aligns perfectly with our mission to democratize access to Bitcoin and its mining power,” said Milton Lam, Advisory Council Member & Launch Partner, Prosper. “Our participation underscores our leadership in institutional-grade Bitcoin mining innovation, advancing the possibilities of the world’s original and most decentralized cryptocurrency.”

      Bitcoin MENA 2024 will bring together global leaders and influential voices, including Eric Trump, Prince Filip of Serbia and Saifedean Ammous, to shape the conversation on Bitcoin’s future.

      Eric Trump, Executive Vice President of the Trump Organization, will deliver a keynote address at Bitcoin MENA 2024, marking a significant milestone for the event. His participation brings a wealth of business acumen and leadership experience to discussions on Bitcoin’s growing adoption in the Middle East. Following Donald J. Trump’s appearance at Bitcoin 2024 in Nashville this July, the Trump family’s growing support for Bitcoin as a solution to combat inflation in the U.S. underscores the event’s importance.

      Other notable attendees include Prince Filip of Serbia, Saifedean Ammous, author of The Bitcoin Standard and Abdulla Al Dhaheri of the Blockchain Centre Abu Dhabi. Their involvement highlights Bitcoin MENA’s influence and Abu Dhabi’s emerging role as a central hub in the global Bitcoin economy.

      Central Bank of Iran announces regulation for crypto exchanges and custodians

      Central Bank of Iran announces regulation for crypto exchanges and custodians

      Iran’s Minister of Economic Affairs and Finance Abdolnaser Hemmati has announced at an event on digital currencies in Tehran that the government intends to regulate digital currencies and cryptocurrencies instead of putting limitations on them, as the Central Bank of Iran announced the regulation of crypto exchanges and crypto custodians under its new crypto framework.

      Hemmati said that Iran is moving towards regulating and eliminating the adverse effects of digital currency on the economy and instead using its positive effects. He cited the advantages and progress of digital currency as the reasons behind the decision.

      While Hemmati noted that digital money, including digital currencies is within the scope of the Central Bank of Iran, he believes that developing and growth this asset sector will bring on youth employment, as well as to help nullify the effect of sanctions.

      At the same event, The Central Bank of Iran (CBI) recently approved a “Policy and Regulatory Framework for Cryptocurrencies”, reaffirming its role as the primary regulator. The framework emphasizes licensing crypto brokers and custodians under CBI supervision while ensuring compliance with anti-money laundering (AML) laws, counter-terrorism financing (CTF) regulations, and tax obligations.

      The Central Bank of Iran Governor Mohammadreza Farzin highlighted collaboration with other agencies, such as the Ministry of Economic Affairs and Finance, to develop robust regulatory mechanisms for the digital asset ecosystem.

      According to the official, the mentioned framework focuses on active regulation and leveraging digital currencies’ economic potential.

      In 2018, Iran banned trading and possession of cryptocurrency due to money laundering and terrorism financing concerns. [1] All Iranian financial institutions, such as banks, credit institutions, and currency exchanges, were banned from handling cryptocurrencies or promoting them in any way. [2] In 2019, however, the government began to roll back this ban as sanctions were crippling their local currency. Cryptocurrency was seen as a possible relief from reliance on the United States dollar. [3] The Central Bank of Iran’s new regulations allow for the possession and mining of cryptocurrency but still included a ban on using digital currency as a payment system. [4] Further, “it bars Iranians from holding large amounts of global cryptocurrencies in the same way they are officially prohibited from holding more than 10,000 euros.” [5] Towards the end of 2020, the Iranian government once again began exploring the possibility of reimplementing more controls on cryptocurrency as the price of Bitcoin was soaring, and the Iranian stock market and currency were severely falling. [6] The only change that has happened to the regulations so far is more restrictions on cryptocurrency miners due to heavy energy usage. [7]

      The Global AI Show debuts in Dubai on December 12th

      The Global AI Show debuts in Dubai on December 12th

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      Join 3,000+ C-Suite, as well as 200+ startups and 75+ speakers from across the globe, at UAE’s #1 AI event for CXOs. Together, we’ll dive into the most transformative AI applications across various industries:

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