CoinMENA, a regulated crypto broker with licenses in the UAE and Bahrain, is one of the selected crypto exchanges globally to be listing Ripple’s new RLUSD stablecoin on its platform. CoinMENA is the only crypto broker to be chosen by Ripple to list its stablecoin in the MENA region.

Ripple which today launches its Ripple USD (RLUSD) on global exchanges has chosen CoinMENA, Uphold, MoonPay, Archax, Bitso, Bullish, Bitstamp, with Mercado Bitcoin, Reserve, Zero Hash and others expected in the coming weeks.

CoinMENA Founders, Dina Sam’an and Talal Tabbaa commented, “We are proud to be the first and only platform in MENA to list RLUSD, the latest stablecoin in the market. Demand for stablecoins is exploding in the region, driven by diverse and growing use cases, we are seeing from our user base. Stablecoins are by far the most popular use case in the crypto today, and this listing reflects our commitment to providing the latest crypto financial solutions that meet the evolving needs of our users.”

Each RLUSD token is fully backed by U.S. dollar deposits, U.S. government bonds, and cash equivalents—designed to ensure its stability, reliability, and liquidity. To maintain the highest standards of transparency, Ripple will publish monthly, third-party attestations of RLUSD’s reserve assets, conducted by an independent auditing firm.

“Early on, Ripple made a deliberate choice to launch our stablecoin under the NYDFS limited purpose trust company charter, widely regarded as the premier regulatory standard worldwide,” said Brad Garlinghouse, Ripple’s CEO. “As the U.S. moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry.”

Key RLUSD partners include leading global exchanges, market makers, and payment providers, which will drive adoption and usage across the Americas, Asia-Pacific, UK, and Middle East regions.

RLUSD will be utilized for financial use cases and allows institutions to, facilitate instant settlement of cross-border payments, access liquidity for remittance and treasury operations, seamlessly integrate with decentralized finance (DeFi) protocols, and a reliably bridge between traditional fiat currencies and the crypto ecosystem, ensuring a seamless and efficient transition when entering (on-ramping) or exiting (off-ramping) the crypto space.

It will also be used to provide collateralization for trading tokenized real-world assets such as commodities, securities, and treasuries onchain.

Early next year, Ripple Payments will use RLUSD to facilitate global payments on behalf of its enterprise customers. Ripple Payments has served $70 billion in payments volume and counting, and has near-global coverage with 90+ payout markets, which represent more than 90% coverage of the daily FX market.

 RLUSD is available on both the XRP Ledger and Ethereum blockchains, offering flexibility and scalability for a broad range of financial use cases.

“Stablecoins could become the backbone of private payments by offering a secure, scalable, and efficient alternative to traditional systems. With its focus on compliance and reliability, RLUSD aims to establish new standards for trust and to play a pivotal role in shaping the future of payments. Joining the Advisory Board provides me an opportunity to counsel RLUSD as it embarks on its journey in the rapidly evolving financial landscape,” said Raghuram Rajan, former Governor of the Reserve Bank of India.

“I am excited to join Ripple’s advisory board at such a pivotal moment for digital finance,” said Kenneth Montgomery, former First Vice President and Chief Operating Officer at the Federal Reserve Bank of Boston. “Stablecoins are rapidly emerging as a cornerstone of the payments landscape, delivering the speed, efficiency, and cost-effectiveness that traditional systems often struggle to achieve. I look forward to collaborating with the Ripple team to support the global growth and adoption of RLUSD, unlocking new opportunities for financial inclusion and modernizing the future of payments.”

Hex Trust, a regulated provider of virtual assets custody, staking and market services has officially opened HT Markets MENA offering fiat on/off-ramp services in Dubai UAE through its secure, institutional-grade platform.

These services are immediately available for institutional clients and accredited investors with a minimum on-ramp threshold of AED 368,000 (equivalent to USD $100K).


Hex Trust established a Dubai office in June 2022. It currently holds three Virtual Asset Service Provider (VASP) licenses in Dubai, issued by the Virtual Asset Regulatory Authority (VARA). This includes a license to provide Virtual Asset Custodial Services, a second license for its VA Broker-Dealer and and a third for VA Management and Investment arm, HT Markets MENA FZE.

As per the announcement, these licenses allow Hex Trust to offer comprehensive Virtual Asset services covering Broker-Dealer and Management and Investment Services, which include regulated Staking Services.


“We are one of the first VA broker-dealers in the MENA region to offer an efficient and secure bridge between fiat and virtual assets. This unique offering caters to the huge appetite for on/off-ramp services in Dubai and is a significant achievement for HT Markets MENA.
We see enormous potential for virtual asset growth in Dubai given the progressive regulations, welcoming governments, and thriving crypto ecosystem. ” Filippo Buzzi, Hex Trust’s Regional Director MENA.


Hex Trust Markets offers safe access to the DeFi ecosystem, where clients can generate yield with native on-chain staking solutions and execute trades with the support of Hex Trust’s dedicated Markets team. It also brings secure access to crypto-fiat conversions through Hex Trust’s fully-licensed, institutional-grade custody platform. This enables investors in Dubai to seamlessly move their cryptocurrencies into fiat currencies, fostering a secure and compliant trading environment.

Bitpanda, a European crypto platform, has obtained an in-principle approval from the Virtual Assets Regulatory Authority (VARA), as its first expansion outside of Europe. BitPanda received the in-principle approval only after 8 months since submission.

As per the press release, once officially licensed, Bitpanda will be able to commence operations in the UAE as Bitpanda Broker MENA DMCC.

The expansion follows a series of strategic moves, including the establishment of its Dubai office at the DMCC Crypto Centre earlier this year, onboarding a team of regional experts, and forming key partnerships with financial institutions such as The National Bank of Ras Al Khaimah (“RAKBANK”) and CoinMENA, one of the UAE’s leading licensed crypto platforms.

Eric Demuth, Co-Founder and CEO of Bitpanda, commented, “In Europe, we have built a reputation as the most trusted and regulated digital asset platform. Now, we are scaling this proven model globally, with Dubai and the UAE serving as our strategic launchpad for international expansion. The opportunities are immense, and we are uniquely positioned to seize them – both as Europe’s leading crypto broker and as a top infrastructure provider in the digital assets space.”

Fabian Reinisch, General Counsel of Bitpanda, added: “Securing VARA’s in-principle approval in under eight months reflects the strength of VARA’s progressive regulatory framework and Bitpanda’s steadfast commitment to compliance and innovation. For over a decade, we have demonstrated that a compliance-first approach is the only path to sustainable and responsible growth in our industry. Now, we are extending this approach to markets beyond Europe.”

As it expands into the Middle East, Bitpanda is taking a decisive step toward a truly global presence, reaffirming its role as a pioneer in driving the adoption of digital assets around the world.

Circle of Games (COG), the blockchain enabled Web3 global multi-gaming platform backed by Nazara, has launched in the MENA region at the renowned Global Game Show held at the Grand Hyatt Exhibition Centre in Dubai.

The launch event drew an audience of industry pioneers, gamers, and Web3 enthusiasts, with Yat Siu, Chairman of Animoca Brands, as the distinguished chief guest. His keynote address celebrated COG’s innovative integration of casual gaming with blockchain technology, positioning it as a leader in the Web3 gaming ecosystem.

The event highlighted COG’s robust portfolio of games, including globally popular titles like Ludo, Fruit Slash, Bubble Shooter, Chess, and 8-Ball Pool. With six games already live and an ambitious roadmap to surpass ten titles by Q1 2025, COG is set to become the preferred destination for casual gamers worldwide.

The launch underscored COG’s strategic collaborations with key global corporations and leading strategic partners. These alliances offer access to over 500 million users across 50+ countries, strengthening the company’s competitive edge. By drawing users from an established ecosystem, COG is accelerating its growth and establishing a foundation for long-term success.

Attendees witnessed live demonstrations of COG’s state-of-the-art features, including seamless user experiences, multi-chain integrations, and engaging game mechanics. With over 500,000 registered users so far and ambitious goals to reach 25 million users by the end of 2025 and 100 million users by the end of 2027 worldwide, COG is reshaping the future of casual gaming in the Web3 era.

“Today marks a significant milestone for Circle of Games as we expand into the MENA region. With our robust ecosystem, strategic partnerships, and an experienced team, we are committed to delivering an unparalleled gaming experience for users worldwide,” said Rabilal Thapa, CEO/Co-Founder of Circle of Games, during the event.

Circle of Games, funded by Nazara, has outlined an ambitious regional expansion strategy, with launches slated for the UAE in Q4 2024, followed by Saudi Arabia, Kuwait, and Bahrain in Q1 2025, and Turkey, Egypt, and Morocco in Q2 2025. With projections to achieve 7.5 million users by 2025, 18 million by 2026, and 25 million by 2027, COG is poised to dominate the Web3 gaming landscape in the region.

Circle of Games receives investments from THA and Nazara

In April of 2024, Circle of Games (COG), raised $1 million in equity funding from strategic investors Nazara Technologies FZ LLC, (a wholly-owned subsidiary of the Nazara Technologies Limited) and The Hashgraph Association, the Swiss-based organization at the forefront of global digital enablement for Hedera.

At the time, COG noted that it intended to use this funding to fast-track its go-to-market strategy, improve platform capabilities, and widen its international presence in the US, EU, Middle East, Africa, and Asia in 2024.

COG has implemented multi-chain technology, with Hedera being the primary mainnet where the majority of on-chain transactions occur, and is empowering players with full ownership and control over their in-game assets and tokens.

Gaming in MENA region

Gaming in the MENA region and especially in the UAE has become a big market. According to recent reports, the gaming market value in the MENA region is expected to reach $10 billion by 2027. This surge is driven by the growing number of gamers and the rising popularity of mobile games.

Saudi Arabia is more than just participating in the global gaming arena. As the 19th largest gaming market in the world, with 89% of its population engaged in gaming, including 42% women and 45% aged 21-35—the kingdom is redefining what it means to be a player in this dominating entertainment frontier.

Aligned with Vision 2030, Saudi Arabia aims to develop 30 competitive games and establish itself as a global gaming hub by 2030. The kingdom is backing this ambition with a bold $38 billion investment from the Public Investment Fund (PIF)’s Savvy Games Group, which is focused on acquiring publishers and nurturing local talent.

UAE is also becoming a fast mover by embracing the developing blockchain gaming sector. After a brief period of decline due to innovative and regulatory challenges, Web3 gaming has seen a revival in user engagement this year. In the third quarter, the sector reached 4.4 million daily active wallets. In the same period, blockchain games attracted more than $110 million in funding.

The UAE has positioned itself as a global leader in driving the blockchain gaming sector. Proactive policies and strategic investments are transforming the country into a central hub for Web3 gaming projects. The sector is expected to hit $1 billion in the UAE alone by 2025.

Recently The Beam Foundation launched Beam Ventures in Abu Dhabi, the first venture fund focused exclusively on Web3 gaming from ADGM. The $150 million gaming fund aims to accelerate promising founders and contribute to Abu Dhabi’s transformation into a global gaming hub.

Tokinvest DMCC, a marketplace for real-world asset tokenization and provisional Virtual Assets Regulatory Authority (VARA) licensed brokerage, has expanded its collaboration with Universal Digital Payments Network (UDPN) to launch a Tokenized Deposit and Stablecoin Management System.

The market cap of stablecoins and tokenized deposits grew to $197.5bn, up from $171.6bn at the start of November, according to rwa.xyz1, and is forecast to experience rapid expansion and diversification in the coming years. These “digital dollars” can be collateralized by a diverse range of assets including fiat currency, gold, treasuries and other tangible or financial assets. For regulated digital currency issuers, they represent a transformative opportunity to enhance liquidity, streamline cross-border transactions and dramatically speed up and reduce costs for business processes such as clearing and settlement.

Scott Thiel, CEO of Tokinvest, said, “The UAE now benefits from regulatory clarity around the launch of stablecoins under the VARA and Central Bank of the United Arab Emirates (CBUAE frameworks). The Tokinvest Tokenized Deposit and Stablecoin Management System provides a turnkey full-service solution to the growing list of banks, government entities, and corporates with ambitions to launch and manage their own tokenized deposit or stablecoin using what we have assessed to be the best tokenized deposit and stablecoin management platform in the world today. It also enables us to support retail businesses looking to migrate their loyalty programs from the traditional loyalty point debt model to a tokenized consumer engagement model that sits on their balance sheet as a credit.”

The solution is a bank-grade product licensed to Tokinvest under a white-label reseller and support agreement recently concluded between the parties. The Tokinvest solution provides high-availability, open APIs for core banking system integration and third-party access to all tokenised deposit / stablecoin / loyalty programs via one single management portal. It also offers leading-edge security features such as air gap minting, role-based management, private-key approval mechanisms, 2FA login, Illicit activity screening, wallet/fund freeze/unfreeze and multi-signature controls. The solution supports multiple systems and different blockchain protocols under one unified management portal.

Tim Bailey, Vice President of Global Business & Operations of UDPN co-developer Red Date Technology, added, “Having collaborated for several years with the Tokinvest leadership, we are excited to appoint them as a partner and reseller of the tokenised deposit and stablecoin platform and to support the growth and adoption of fiat referenced virtual assets and payment tokens in MENA and Africa.”

Tokinvest is committed to the responsible development of the regulated virtual assets ecosystem in the UAE. The partnership with UDPN and the launch of the Tokenised Deposit and Stablecoin Management System represents a significant milestone in that journey.

Fuze, a digital assets infrastructure provider in MENA, and Fils, an enterprise-grade digital infrastructure platform dedicated to embedding sustainability into every transaction, have partnered to launch the first-of-its-kind sustainable digital asset solution in the Middle East, Africa, and Turkey.

This collaboration will integrate blockchain-powered solutions through Fils’ use of the Layer-1 blockchain, ensuring transparency, traceability, and trust in every transaction, creating a seamless way for customers to measure and offset the carbon footprint of their digital asset purchases, supporting regional institutions and fintechs in meeting sustainability goals while navigating the growing demand for digital assets, and to lead in sustainability by aligning with global ESG goals.

The importance of this initiative is also underscored by the UAE’s rapidly growing digital assets market, which is projected to generate $453 million in revenue by the end of 2024, with further growth expected to surpass $616 million by 2028.


Nameer Khan, Founder and CEO of Fils, commented, “Our partnership with Fuze represents a milestone for both fintech and sustainability in the region. By embedding climate action directly into the digital assets ecosystem and leveraging the power of our blockchain technology, we’re providing the most comprehensive and first-of-its-kind solution that not only meets but exceeds global ESG expectations. This partnership underlines the growing importance of aligning financial innovation with environmental responsibility. Together, we are building the rails for a future where every transaction contributes to a greener planet, demonstrating how fintech can lead the charge in achieving net-zero goals.”
Mohammed Ali Yusuf (Mo Ali Yusuf), Co-Founder and CEO of Fuze, added, “Our partnership with Fils underscores Fuze’s commitment to innovation and responsibility. As digital assets become a mainstay for financial institutions, embedding sustainability in these transactions is essential for long-term growth and environmental stewardship. Together with Fils, we’re setting a new standard for green finance in the region.”
The partnership includes the following initiatives, providing real-time data on the environmental impact of digital asset transactions, empowering customers to make informed decisions, enabling customers to offset the carbon footprint of their transactions seamlessly, fostering climate-positive actions and helping banks and fintechs across the region adopt sustainable practices, aligning with global ESG (Environmental, Social, Governance) standards.

The collaboration between Fuze and Fils reflects a shared vision for responsible innovation. By integrating sustainability into digital assets, the partnership supports businesses in achieving both financial and environmental goals, paving the way for a greener economy.
funds, and HNIs (high-net-worth individuals) in executing large digital asset trades securely and efficiently. Fuze also offers crypto payment solutions, facilitating global, real-time, multi-currency transactions for businesses.

In the same news piece that announced Zand Bank’s license for crypto and digital assets custodial services, the CEO also announced that Zand Bank would be launching an AED backed stablecoin, following the footsteps of both AE Coin which recently received its license as well as Tether which also announced it would be launching an AED stablecoin.

Zand Bank hopes that the upcoming launch of its AED backed stablecoin will enhance their ability to integrate TradFi and DeFi.

Michael Chan, CEO of Zand, stated, “We would like to extend a heartfelt token of appreciation to VARA for their continued support of Zand. Our Digital Asset Custody service is a significant step in UAE banking. By providing institutional-grade security for digital assets, we are equipping our clients with the tools they need to thrive in the digital economy. The upcoming launch of Zand’s AED-backed stablecoin will further enhance our ability to integrate TradFi and DeFi, reinforcing our leadership in this space.”

The booming stablecoin market hit another milestone last week crossing the $200 billion total market value mark for the first time ever as demand accelerates and adoption expands for the assets. The asset class as a whole added $10 billion market value in only two weeks since it surpassed the 2022 bull cycle record of $190 billion, according to CCData and DefiLlama.

In the UAE after the Central Bank approved its Fiat Payment token regulation, companies such as Tether, AE Coin and now Zand Bank have either launched or will be launching their AED stablecoin.

Abu Dhabi based, G42, a global leader in creating visionary artificial intelligence for a better tomorrow announced a strategic investment in Inveniam, an innovator in private market financial technology that utilizes DLT technology to tokenize assets.

As per the announcement, this marks a significant step in G42’s mission to apply cutting-edge AI solutions to industries that are critical to global economies but remain underserved by technology.

Inveniam’s pioneering data architecture and expertise in private market systems align seamlessly with G42’s advanced AI capabilities. The collaboration will enable secure, privacy-first solutions for managing sensitive financial data while improving efficiency and transparency in private markets.

As per G42 this partnership underscores G42’s commitment to building transformative, AI-driven ecosystems that reshape industries for the better. Inveniam’s innovative technology and leadership make it the ideal partner to drive meaningful change in private markets globally.

With regards to Inveniam, which has raised over $120 million previously, the partnership is important because of their need for AI to deliver the world’s leading solutions for Private Markets.

Private markets, the realm of real estate, private equity, private credit and infrastructure investments, represent the world’s largest asset class, worth hundreds of trillions of dollars. Yet despite their massive size, these markets operate much like they did decades ago, with scattered data, manual processes, and long transaction times. Inveniam have spent years building technology to solve this problem, creating the infrastructure that allows these assets to be managed, shared and traded with the efficiency of public markets, while keeping sensitive data secure and in the clients’ systems using agents.

Patrick O’Meara, Chairman & CEO, Inveniam noted, ” As we built our solution, we realized that it would not be a single new technology that transforms this market. It is the convergence of AI, DLT, and DeFi. There were a number of significant technical barriers, but these have been overcome in the past several years. Now, Inveniam is utilizing these technologies together at scale. Inveniam’s platform delivers trust in the source data with visibility, transparency, and auditability around the automation which we refer to as Smart Provenance™. This context, attribution, and trust opens the door for enterprise use against private market assets.”

Inveniam and G42 will offer solutions that deliver trust in the value of underlying assets for investors exchanging billions of dollars daily on private market funds, indices, derivatives, and eventually the underlying assets.

G42 has built some of the most advanced AI systems in the world and partners with leading organizations across industries and geographies.

Enterprises need a tool to get their data ready for AI and maintain readiness for automation tools, such as AI. This is where Inveniam’s sophisticated permissions and workflow solutions allow for management of data operations in a decentralized data environment with a focus on the unstructured data associated with private markets.

Both companies will be building something that hasn’t existed before a comprehensive technology platform that combines G42’s AI capabilities with Inveniam’s data architecture. The world’s first private markets derivatives exchange, beginning with real estate, that enables these assets to be traded dramatically more efficiently, with a target of reaching the efficiency of the public markets.


From this foundation of permissioned-access to trusted data, The partnership with G42 provides the resources for the next several years of operations as well as technological capabilities to expand to all private markets – from infrastructure projects to private equity investments.

We’re building the infrastructure that will allow the world’s largest asset class to operate with the efficiency of public markets while maintaining privacy and control that private market participants require. This leapfrogging of public market centralized data solutions will transform Private Markets. With G42 and our ecosystem of partners, we are starting to deliver this reality.

The TON Blockchain has registered its DLT Foundation at ADGM in UAE under ADGM’s DLT Foundations framework.

The TON DLT Foundation aims to contribute to the adoption of TON Blockchain with a strategic focus on expanding the network’s presence in the Middle East and North Africa (MENA) as well as Asia Pacific regions.

It wants to reach 500 million users in MENA and APAC by 2028.

Recently OKX Ventures, the investment arm of leading crypto exchange and global onchain technology company OKX, announced a $5 million investment in TON Ventures, a venture capital fund dedicated to accelerating growth within The Open Network (TON) blockchain ecosystem. The investment is aimed at establishing a network of experienced builders to develop best practices for TON applications.

This move complements OKX Ventures’ recently launched $10 Million Telegram Growth Hub, in partnership with The Open Platform and Folius Ventures, by focusing on technical expertise and development standards. With direct access to Telegram’s 950 million monthly active users and successful mini-apps like Notcoin, OKX Racer and Catizen, TON continues to demonstrate strong potential for mass adoption.

Having secured $40 million in initial funding, TON Ventures combines deep ecosystem expertise through its founders Ian and Inal. The fund typically deploys investments of up to $500,000 for early-stage projects, while maintaining flexibility for larger opportunities. In the coming months, TON Ventures will focus on supporting the emergence of midcore gaming experiences, an expansion of monetization tools available to creators and the continued growth of the decentralized finance sector on TON.

Aethir ,enterprise-grade GPU-as-a-service platform on the market, capable of supporting AI and gaming companies of all types and sizes with reliable, secure, and highly scalable GPU computing power and The Blockchain Center Abu Dhabi (ADBC) partnered at Bitcoin MENA to supercharge AI and gaming development through Aethir’s $100 Million Ecosystem Fund.

As per the blog post, the fund comprises of Aethir compute subsidies and token grants for eligible projects, focusing on innovators developing projects in Abu Dhabi and the broader MENA region. ADBC will be the regional onboarding partner for Aethir’s AI and gaming ecosystem grants, as they have expertise in the local Web3 sector.

Aethir’s decentralized cloud infrastructure can efficiently service the most demanding enterprises in the Web3 industry with premium GPU compute resources. Additionally, Aethir’s network of over 33,000 globally distributed Aethir Edge cloud computing devices enables anyone to become a compute provider in our network and support the everyday workloads of our clients worldwide.

ADBC aims to empower businesses, governments, and individuals to leverage blockchain technology for sustainable growth and transformation that can positively impact users’ everyday lives globally. The center’s Incubation & Acceleration Hub provides Web3 startups with comprehensive resources, expert mentorship, and strategic funding.

The grant program will primarily focus on AI and gaming enterprises building projects in the MENA region, focusing on Abu Dhabi with ADBC’s support. Aethir will be the exclusive GPU computing provider for all eligible projects with compute grants, subsidies, and token grants from our $100 million Ecosystem Fund.

ADBC will be Aethir’s exclusive partner for onboarding innovative AI and gaming projects from the MENA region into the ecosystem through Aethir’s grant program.

ADBC will form a committee to source and onboard startups into the Aethir ecosystem, specifically in Abu Dhabi and the broader MENA region, and will offer grantees expertise in regulatory compliance, business strategy, and market entry within the UAE. Furthermore, ADBC will co-host or sponsor events to increase the visibility of grantee projects and create networking opportunities, as well as joint marketing campaigns to promote these projects.

While, Aethir’s role in this partnership will be to provide compute subsidies and token grants to eligible applicants. All grant program applicants must use Aethir’s cloud-computing infrastructure or partner with Aethir through allocations of their native tokens.