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Sonic Labs plans to launch algorithmic AED stablecoin denominated in USD

Sonic Labs plans to launch algorithmic AED stablecoin denominated in USD

A day after the UAE launched its digital dirham CBDC noting that it would be available to retail consumers by the end of 2025, Sonic Labs, an EVM Layer 1 platform that offers DeFi solutions, announced that it would be developing a UAE mathematically bound numerical AED stablecoin which is settled and denominated in USD.

The decision also seems to stems from the full draft of the STABLE Act by Congress for clearer oversight. According to the text, lawmakers are pushing for a two-year moratorium on algorithmic stablecoin.

As such Sonic Labs no longer wants to develop a US dollar pegged algorithmic stablecoin but an AED one. On March 22, Sonic Labs co-founder Andre Cronje said the company was working on a US dollar-pegged algorithmic stablecoin with an annual percentage rate (APR) of up to 23%.

But now Andre Cronje, Co Founder of Sonic Labs, and the Chief Technology Officer of the company stated on X, “We will no longer be releasing a USD based algorithmic stable coin. Completely unrelated, we will be releasing a mathematically bound numerical Dirham which is settled and denominated in USD, which is definitely not a USD based algorithmic stable coin.”

The UAE had enacted its stablecoin regulations back in 2024, allowing for regulated AED stablecoins to be used as a legal tender for the purchasing of goods and services, while allowing non AED stablecoins that had received regulatory approvals in the UAE to be used for the purchase of virtual assets and other crypto assets.

However the Central Bank of UAE strictly forbids the use of algorithmic stablecoins or crypto in any form.

This has pushed stablecoin issuers such as Tether to see a license for an AED backed stablecoin. Additionally the first AED regulated stablecoin, AE Coin from MBANK received a license. While Arab Financial Services (AFS), regulated by the Central Bank of Bahrain and Egypt, also holding a retail payment license in the UAE has partnered with Ternoa Blockchain to launch stablecoin and crypto payments across POS ( Point of Service) counters for UAE merchants. The partnership will expand across the GCC.

Even Zand, a UAE digital Bank is also seeking to launch an AED stablecoin.

So it will be interesting to see how Sonic Labs will develop this mathematically bound numerical Dirham AED stablecoin and how it will work.

In December 2024, Sonic Labs launched its Sonic mainnet, an EVM-compatible layer-1 blockchain platform that offers developers attractive incentives and powerful infrastructure. With 10,000 transactions per second (TPS), sub-second finality, and a native, decentralized gateway to Ethereum, Sonic empowers developers to build the next generation of applications on unparalleled infrastructure and liquidity.

Stobox receives license in Qatar to offer tokenization solutions

Stobox receives license in Qatar to offer tokenization solutions

Stobox, a blockchain enabled tokenization provider, has received a license in Qatar by Qatar Financial Centre (QFC) .

As per the press release, this milestone reinforces Stobox’s pivotal role in accelerating the adoption of real-world asset (RWA) tokenization across the Middle East and North Africa (MENA). The license will allow Stobox to bring its technology and expertise to one of the world’s fastest-growing digital economies.

Qatar Financial Centre houses businesses, from start-ups to large corporations, like Deutsche Bank, Citibank, and Industrial and Commercial Bank of China, among its clients. Now, these companies can access Stobox’s innovative tokenization frameworks and blockchain-powered financial solutions.

In addition to its operational license, Stobox has secured a business license to provide consulting services, technology solutions, and customer support.

“Securing this license marks a transformative moment for Stobox. It affirms our leadership in tokenization and unlocks access to government-supported initiatives, business development opportunities, and partnerships with major banks and investors. We’re committed to building a robust tokenization ecosystem in Qatar and throughout MENA,” said Ross Shemeliak, COO and Co-Founder.

Additionally, Stobox will introduce products to Qatar’s tokenization ecosystem such as Stobox 4 – an ecosystem where users can manage a diverse portfolio of assets with unparalleled security and ease. It accommodates an extensive range of cryptocurrencies while also pioneering the tokenization of real-world assets, transforming traditionally illiquid investments into accessible, liquid opportunities.
Turn-Key Solutions to Tokenize Your Real-World Assets.


It will also introduce the Stobox Decentralized Identity (DID) framework fortifies the integrity of tokenized transactions, ensuring that only credentialed and authorized participants can issue, transfer, or redeem digital assets. It aligns with global regulatory frameworks while streamlining compliance operations.

Additionally the company operates the STV3 Protocol delivers a secure, efficient, and scalable framework for managing tokenized assets. It integrates cutting-edge innovations for improved performance, regulatory compliance, and automated governance, thus providing a robust ruleset for modern digital asset ecosystems.

Stobox has already tokenized the world’s largest shrimp farm in collaboration with Qatar’s ICM Capital, a prominent conglomerate in the Gulf Cooperation Council (GCC). This project exemplifies the transformative potential of tokenization in the region.

Stobox is also working in the UAE and has initiated partnerships there.

Mesh launches crypto payment app on Shopify Store

Mesh launches crypto payment app on Shopify Store

Mesh, a global crypto payments network, has launched a crypto payments app on the Shopify App Store, enabling millions of Shopify merchants to seamlessly accept crypto payments and settle transactions in stablecoins like USDC, USDT, and PYUSD.

The company also partnered with UAE regulated CoinMENA, crypto broker in 2024 to make it easier to trade crypto assets, without the hassle of entering long crypto addresses, QR codes or seed phrases.

Mesh’s crypto payments app allows merchants to tap into the rapidly growing digital asset economy while eliminating volatility concerns. Whether customers pay using Bitcoin, Ethereum, or Solana, they can simply connect their exchange accounts or wallets to Shopify, while merchants receive stable assets.

“This milestone represents another step forward in our mission to enable frictionless, borderless commerce powered by digital assets,” said Bam Azizi, CEO and Co-Founder of Mesh. “With global stablecoin usage soaring and crypto payments becoming more mainstream, we’re making it easier than ever for merchants to participate in this growing economy.”

PawCo Foods, pioneers in premium, healthy dog nutrition, is among the company’s first launch partners. Their Shopify store is already offering crypto payments through Mesh, making it easier for pet parents to provide their pups with healthy, delicious meals.

“We’re excited to be among the first to integrate Mesh’s crypto payments solution,” said Dr. Mahsa Vazin, CEO and Founder of PawCo. “As innovators in pet nutrition, we’re always looking for ways to enhance our customers’ experience. Offering crypto payment options aligns with our forward-thinking approach and makes it easier for dog parents everywhere to access our products.”

Mesh’s direct integration with Shopify brings its patent-pending SmartFunding technology to millions of merchants worldwide through the new app. This ensures that while customers pay with any crypto they hold, merchants receive stable assets without volatility concerns. The result is a frictionless experience with no extra steps or manual conversions – just instant, secure, and efficient transactions.


Central Bank of UAE launches Dirham CBDC with new symbol

Central Bank of UAE launches Dirham CBDC with new symbol

The Central Bank of UAE (CBUAE) unveiling its new symbol for the UAE’s national currency, the Dirham has committed to the launch of the Digital Dirham as a CBDC. The CBDC project launched in 2023 has witnessed huge progress and will incorporate a Digital Dirham wallet. As per the press release, it seems that the Digital Dirham is already being used for B2B purposes and will be issued for retail segment in fourth quarter of 2025.

As per the press release the new Dirham Symbol and Digital Dirham will strengthen UAE’s positions as a leading global financial hub. The Digital Dirham was a key initiative the Financial Infrastructure Transformation (FIT) Program and was incorporated by Federal Decree-Law No. (54) of 2023 amending certain provisions of Federal Decree-Law No. (14) of 2018 concerning the Central Bank and Regulation of Financial Institutions and Activities which considers the Digital Dirham as a legal tender in all payment outlets and channels alongside the physical currency.

H.E. Khaled Mohamed Balama, Governor of the Central Bank of UAE, said, “We are proud to unveil today the new symbol for the UAE’s national currency the “Dirham” in both its physical and digital forms, and the design of the Digital Dirham wallet. This reflects the significant advancements in the implementation of the Digital Dirham program and a leap towards realizing the CBUAE’s vision.”

UAE Digital Dirham CBDC Benefits

Built on Blockchain technology, the CBDC will incorporate high levels of security and efficiency and will be used for tokenization purposes as well as payments on smart contracts for complex transactions.

Banks, financial institutions, exchange houses, finance companies and fintech companies will issue the Digital Dirham CBDC to both individuals and businesses.

The Central Bank of UAE has also developed an integrated and secure platform for the issuance, circulation, and use of the Digital Dirham, the Digital Dirham wallet. The wallet will enable a number of financial transactions, including retail, wholesale, and cross-border payments, money transfers and withdrawals, top-ups, and redemption of the Digital Dirham when needed. This ensures a seamless and convenient user experience, in line with industry best standards and practices.

Balama also explained that the Blockchain based Digital Dirham will enhance financial stability, inclusion, resilience, and combatting financial crime. He also noted that it would further enable the development of innovative digital products, services, and new business models, while reducing cost and increasing access to international markets.

The Dirham Symbol both in physical and digital format

As for the new Symbol it will be applied for both the physical form of the currency and the digital form. The letter was chosen, derived from the English name of the Dirham, to serve as an international symbol representing the nation’s currency, incorporating two horizontal lines that embody the stability of the UAE Dirham and inspired by the UAE flag, to enhance financial and monetary stability.

On the other hand, the Digital Dirham symbol features a circle surrounding the physical currency symbol, using the colors of the UAE flag to reflect pride and national identity. The symbol choice serves as evidence of the national currency’s global reach and openness to a more prosperous future, and commitment to developing an innovative local financial ecosystem with a global perspective.

Paul Kayrouz, Chief Fintech Officer at Central Bank of UAE, noted in a Linkedin post, that the launch is a new era for Fintech in the UAE. He stated, ” We unveiled the new symbol for the UAE Dirham (AED), a major step in strengthening the currency’s digital and global presence. This symbol will streamline financial transactions, enhance recognition in international markets, and support the UAE’s vision as a global fintech and financial hub.”

UAE had previously also issued regulations for AED backed stablecoins that would also be used as legal tender in the country. With the launch of the Digital Dirham, the UAE becomes the fourth country to have launched a CBDC out of 134 countries who are either researching, piloting, canceling or have inactive CBDCs.

The announcement comes as nearly a third of central banks have pushed back launching digital versions of their currencies, a new survey Official Monetary and Financial Institutions Forum (OMFIF) think tank and German-based banknote firm Giesecke+Devrient  showed in February 2025, although a desire to protect their money-minting powers mean most still intend to go ahead.

U.S. President Donald Trump banned work on a digital dollar in one of his first moves after becoming president in January.

BitPanda has secured a crypto broker license in UAE

BitPanda has secured a crypto broker license in UAE

Bitpanda, A European virtual asset platform, has secured a crypto broker-Dealer license from the Dubai Virtual Assets Regulatory Authority (VARA).

As per the press release, the license will allow Bitpanda to make its virtual assets platform available to investors in the UAE including access to over 500 virtual assets – the most extensive virtual assets offering available on the market.

Lukas Enzersdorfer-Konrad, Deputy CEO at Bitpanda Group, noted, “Bitpanda is built on the principle that virtual assets should be secure and accessible. With our VARA license, we are bringing that vision to the UAE, ensuring investors and financial institutions have access to a fully compliant digital asset platform. This is just the beginning of our expansion beyond Europe. We are ready to grow in a region that embraces innovation and regulation equally.”

Bitpanda has already established a permanent office in Dubai at the DMCC Crypto Centre and has a team of regional experts in place who will now work to develop products tailored to the UAE market. Onboarding for UAE investors will begin in the coming months.

Fabian Reinisch, General Counsel at Bitpanda Group, commented: “We obtained approval in record time and I believe that is a testament to the decade experience of our teams working in the digital asset space and our commitment to the highest regulatory standards.”

BitPanda had received preliminary approval back in December 2024, which means it took only four months to get its full license.

BitPanda holds several licenses including a MiCAR license from the German regulator BaFin, registration with the UK’s FCA, a PSD2 E-money license, a MiFID II license, and VASP registrations across multiple markets.

UAE DWF Labs launch $250 million crypto projects Liquid Fund

UAE DWF Labs launch $250 million crypto projects Liquid Fund

UAE based DWF Labs, the new generation crypto market maker and investor announced the launch of their $250 million Liquid Fund to accelerate the adoption and expansion of mid and large cap crypto projects.

As per the announcement, the firm already invested over $11 million into promising blockchain projects and will sign two major investment deals worth $25 million and $10 million as part of this $250 million Liquid Fund, with more announcements coming up in the pipeline.

This initiative aligns with DWF Labs’ commitment to supercharge real growth in the wider crypto landscape, with investment sizes ranging from $10 million to $50 million per project. The fund will provide strategic crypto venture capital and ecosystem support, ensuring sustainable growth for projects that drive real-world adoption and help promote change in the industry.

Unlike traditional investments, each deal will also include a full-scale ecosystem growth strategy tailored to the needs of the project. This includes, stablecoin TVL and Ecosystem Expansion, Supporting liquidity and DeFi activity for L1/L2 networks. It will also include lending markets development, PR and Brand amplification, and comprehensive GTM strategy.

“Through this fund, we are doubling down on our mission to accelerate Web3 innovation and adoption,” said Andrei Grachev, Managing Partner at DWF Labs. “We believe that strategic capital, coupled with hands-on ecosystem development, is the key to unlocking the next wave of growth for the industry.”

UAE based Dohrnii and Blynex crypto exchange bury the hatchet

UAE based Dohrnii and Blynex crypto exchange bury the hatchet

After a few days of heated, he said she said drama with accusations of mis conduct attributed to both parties, UAE based Dohrnii Labs which seeks to empower financial education with blockchain and gamified learning and its utility token, DHN which it notes powers the Dohrnii ecosystem, and Blynex crypto exchange announced in a general post that all is resolved and everything is water under the bridge.

In an X post, they announced that thy were pleased to have successfully resolved all outstanding issues and have reached a mutually beneficial agreement.

The statement read, ” Following constructive dialogue and a shared commitment to long-term collaboration and innovation in the blockchain and fintech sectors, both parties have agreed on terms that close the chapter on recent disagreements. The resolution underscores the professionalism and forward-thinking approach of both teams, reaffirming their mutual respect and focus on delivering value to their respective communities.”

It added, that with this agreement, all prior concerns are considered settled, and both organizations reaffirm their commitment to professionalism, user trust, and the advancement of blockchain-based financial solutions.

In addition, the parties agreed to mutual cooperation and Blynex will provide self loan dashboard and staking for DHN Team as a sign of support for the project.

This comes after Dohrnii Labs took legal and police action again Blynex, an unregulated crypto exchange with a presence in the UAE. According to Dohrnii Labs, the company filed a police report against Blynex while attempting to withdraw 4000 DHN tokens were blocked from doing so, and also noted that Blynex had liquidated 8,600 of their DHN collateral selling it for 148,160.64 USDT. The company claimed that this was done without authorization, and demanded the immediate release of the 4,000 DHN and the return of the full USDT amount generate from their collateral.

With the end to the saga, all Dohrnii’s X posts accusing Blynx have been deleted.

Blockchain payments platform Due launches in UAE

Blockchain payments platform Due launches in UAE

Established in 2022, Due a UK based fintech startup using blockchain and stablecoin technology to reshape international payments has established a presence in the UAE. The company which provides borderless multi-currency accounts, global transfers / remittances and merchant acquiring for individuals and businesses announced on X that they were now live in the UAE. The post stated, ” We’re Live in the UAE! We’re launching Due in the UAE, making it easier than ever to send and receive AED all powered by stablecoins and local payment rails.”

As per the post Due will be offering easy deposits with effortless top-ups through local AED transfers, fast & affordable Payouts AED payments with low fees and instant settlement, and unique Local Virtual Accounts with dedicated AED account details to get paid locally.

The company built its platform on top of public blockchains, leveraging stablecoin liquidity markets across Europe, US, LatAm and Africa to enable accessible, fast, and cheap international money movements for clients around the world. Due’s platform is non-custodial.

It was founded by Robert Sargsian and Alex Popov. Robert previously worked at Revolut (largest neobank in Europe) where he was part of the Chief Revenue Officer team, leading new bets / special projects in Retail/Credit and Crypto and helping shape the company’s global Crypto strategy.

UAE regulated stablecoin environment

The UAE is the first country in MENA region to regulate stablecoins through its Central Bank. It allows AED stablecoins to be used as a legal tender, while other virtual stablecoins once regulated can be used for the purchase of virtual assets.

So far one AED stablecoin has been regulated, the AE Coin.

UAE Emirates NBD and BlackRock to create alternative investment platform

UAE Emirates NBD and BlackRock to create alternative investment platform

Emirates NBD, a banking group in Middle East, North Africa, and Türkiye (MENAT) region, has signed an agreement with BlackRock to create an investment platform that will provide the bank’s wealth clients access to alternatives, specifically within private markets which was traditionally only available to institutional investors in the region.

There are two main types of alternative investments. First are private assets such as private equity, private credit, infrastructure and private real estate. They are more complex and less frequently traded than public stocks and bonds, and give investors access to additional sources of return. Hedge funds, the second type, operate mainly in public markets but use less traditional tools such as short-selling and leverage.

The private markets segment is the fastest growing segment and with alternative assets expected to reach $30 trillion by the end of the decade. Emirates NBD Asset Management and BlackRock will launch an initial range of evergreen offerings targeting income and growth strategies on an exclusive basis for the UAE wealth market. Alongside these strategies, BlackRock will deploy its open architecture approach to support Emirates NBD Asset Management’s plans to expand its private markets offering by providing additional services such as marketing, education, training and technology.

Through the Emirates NBD Asset Management platform, the long-term goal is to democratise the alternative assets space and offer Emirates NBD’s clients across the Middle East access to alternatives across all major asset classes.

Marwan Hadi, Group Head of Retail Banking and Wealth Management at Emirates NBD, commented, “Innovation is a cornerstone at Emirates NBD, and we are pleased to partner with BlackRock to offer access to best-in-class, products in alternative markets through a dedicated platform while supporting the growing needs of investors in the region. We are deeply committed to creating value through our offerings and advancing the investment landscape in the UAE and the wider region, which has been experiencing a strong appetite in the last few years.”

Rachel Lord, Head of International at BlackRock, said, “We are delighted to partner with Emirates NBD as they build out their private markets platform. Spurred by investor sentiment and facilitated by product innovation, technology, and regulatory advancements, wealth allocations to private markets are predicted to increase materially over the next five years. The combination of Emirates NBD’s distribution capabilities and reach across the region, combined with BlackRock’s expertise and global leadership in private markets, will be a compelling proposition for Middle Eastern investors.”

The private markets offerings will be based on BlackRock’s Alternative Investments platform, which now exceeds $450 billion AUM and supported by over 1,000 personnel in more than 50 countries.

BlackRock obtained license in ADGM UAE in 2024

BlackRock obtained a commercial license in Abu Dhabi and has revealed plans to seek regulatory approval to operate in the Abu Dhabi Global Market (ADGM). This came weeks after the US asset manager, with $11.4 trillion in AUM, announced its plans to set up its regional headquarters in Saudi Arabia.

BlackRock said the Abu Dhabi move would allow it to work with sovereign wealth funds, wealth managers and investment vehicles based in the UAE capital, with a focus on AI infrastructure and transition focused solutions. Earlier BlackRock appointed Mohammad AlFahim as Head of the UAE, while Ben Powell relocated to the region to serve clients as BlackRock Investment Institute’s first Chief Middle East & APAC Investment Strategist.

BlackRock lists first Bitcoin ETP product outside USA

The announcement comes as BlackRock, the global asset manager behind the largest U.S. spot bitcoin (BTC) exchange-traded fund (ETF), is set to list a bitcoin exchange-traded product (ETP) in Europe, its first crypto ETP outside North America. The iShares Bitcoin ETP will trade on Xetra and Euronext in Paris under the ticker IB1T and on Euronext Amsterdam as BTCN on Tuesday, according listing details on iShares’ website.

BlackRock’s ishares Bitcoin ETF is worth over $50 billion.

Could UAE be the next?

ACET Blockchain DeFi platform and H.H. Sheikh Al Qassimi of UAE for digital payments offering

ACET Blockchain DeFi platform and H.H. Sheikh Al Qassimi of UAE for digital payments offering

ACET ($ACT), a blockchain-powered decentralized finance (DeFi) platform, has signed an Memorandum of Understanding (MoU) with the Royal Office of His Highness Sheikh Ahmed Bin Faisal Al-Qassimi, UAE Royal family member in Sharjah to offer digital payments in largest casino project.

As per the press release, this strategic alliance is set to drive blockchain adoption, accelerate regulatory advancements, and redefine financial innovation on a global scale, with the UAE leading the digital transformation revolution.

Highness Sheikh Ahmed Bin Faisal Al-Qassimi noted that collaboration seeks to position ACET ($ACT) as part of the UAE’s national reserve and establish it as a key digital payment partner in the world’s largest casino resort project. The initiative will also enhance ACT’s real-world utility, facilitating its acceptance within the gaming, hospitality, and luxury resort sectors.

His Highness Sheikh Ahmed Bin Faisal Al-Qassimi expressed strong support for the initiative, stated, “We are now entering a new era of the digital economy. The collaboration with ACET ($ACT) marks a significant step toward establishing a modern, reliable, and internationally recognized financial system. ACET ($ACT) possesses immense potential to serve as the cornerstone of the digital payment infrastructure and stand as a stable financial asset for the future.”

This MOU grants ACET ($ACT) several strategic advantages, such as integration as an official payment partners for one of the largest casino resort projects globally. The MOU will seek to grant regulatory and licensing support for ACET assisting the company in seeking regulatory compliance within the UAE’s financial ecosystem.

Additionally the Royal Office will support ACET ($ACT) in blockchain-related projects and digital asset expansion.


Acme Worawat, the founder of ACET ($ACT), emphasized the significance of the agreement, “The backing of the Royal Office of H.H. Sheikh Ahmed Bin Faisal Al-Qassimi marks a defining moment for ACET ($ACT). This partnership solidifies our legitimacy, expands our global reach, and paves the way for real-world adoption of blockchain technology. With this strategic alliance, we are aligning ourselves with influential stakeholders who share our vision for decentralized finance and blockchain-powered economic solutions.”

The Royal Office of H.H. Sheikh Ahmed Bin Faisal Al-Qassimi has partnered with the world’s most successful luxury five-star resort and casino group to develop the first-ever casino resort in the Middle East. Located on Al Marjan Island in Ras Al Khaimah, this project, valued at over $3.9 billion, will become the UAE’s first legally sanctioned casino, surpassing investments in Las Vegas and setting new standards for luxury gaming and hospitality.

H.H. Sheikh Ahmed Bin Faisal Al-Qassimi is a key figure in the ruling families of Sharjah and Ras Al Khaimah, playing a pivotal role in shaping the UAE’s economic policies and business expansion. He actively fosters strategic partnerships between the UAE and international markets, with extensive experience in trade, real estate, energy, construction, finance, and technology.

As Chairman and senior executive in multiple global organizations, he co-founded the Al Qassimi Group of Companies and Investment Co., overseeing multi-sector business operations across manufacturing, tourism, hospitality, and financial services. He is a driving force in attracting international investment to the UAE, further solidifying the nation’s position as a leading global investment hub.