UAE Regulated digital assets infrastructure provider, Fuze, has signed a strategic memorandum of understanding (MoU) with Oman based Mamun is a Sharia-compliant alternative finance and investment platform headquartered to enable regional and global retail and institutional investors to participate in short-term, sharia compliant financing of trade-driven businesses in USDT (Tether’s US dollar-pegged stablecoin).

As per the announcement, trade-driven businesses will then be able to receive fiat financing in local currency for supplier payments, local and cross-border trade. This will support businesses in accessing new forms of financing from a wider pool of investors.

The trade-credit gap in MENA stands at a staggering $250 billion, with that gap being over $1 trillion globally. SME businesses particularly feel the grunt of this problem, being underserved and underbanked by traditional financial institutions. Meanwhile, there are over 40 million crypto investors in MENA alone, with an estimated holding value of $300 billion, with very little access, if any, to small minimum, high-yielding, Sharia-compliant trade finance assets.

The partnership is one of the region’s first to bridge regulated digital asset infrastructure with traditional private credit markets. Under this collaboration, Fuze will provide the digital asset rails (on/off ramp, custody and conversion) while Mamun will originate Sharia-compliant trade finance opportunities. The agreement will enable quick and compliant settlement for SME trade financing and solve pain points around cross-border capital movement.

Mo Ali Yusuf, Fuze CEO said, “The alignment between Fuze and Mamun underscores a growing trend – the use of stablecoins like USDT not only for trading or remittance, but as a working capital and liquidity tool for real-world finance.”

Mohammed Al-Tamami, Mamun CCO said, “Bringing stablecoins into Sharia-compliant private credit allows us to open new pathways for cross-border trade finance. At Mamun, we’re not just innovating, we’re aligning digital asset infrastructure with real-economy capital needs. This collaboration with Fuze enables us to better serve investors and businesses alike.”

Galaxy recently led an investment round of $12 million into Fuze.

Qatar Financial Centre (QFC) CEO Yousuf Al Jaida made it clear during the Qatar Economic Forum hosted by Bloomberg, that while Qatar was big on digital assets in the realm of tokenization, it was a no no for crypto, but actually a yes for stablecoins.

In a panel discussion entitled MENA & Crypto: What Comes Next?, Al Jaida stated, ” While crypto is a no no ” and is often the first thing regulators and the public associate with digital assets, it is just one vertical, there are other types of digital assets which could be any type of value transferred over the blockchain including stablecoins, central bank digital currencies (CBDCs), security tokens, and utility tokens.”

The statement eludes to the fact that while Qatar Financial authority which offers an onshore legal environment where businesses can set up and are taxed with no physical boundaries, crypto might not be in play, but stablecoins which he mentioned are one of the digital assets that he sees could be part of the ecosystem.

Already Qatar has regulated DLT and Blockchain infrastructure, digital assets for tokenization including security tokens and utility tokens. It has even been working on its own CBDC, so with the inclusion of stablecoins as part of what Qatar calls digital assets, their regulation might not be that far away.

He emphasized that the focus is on building a robust, regulated framework to digitize real-world assets and unlock new economic opportunities, particularly in real estate and Islamic finance.

Al-Jaida explained that given Qatar Central Bank’s strict stance on crypto with bank trading being heavily regulated, QFC has taken a different route.“Our entire focus, resources, and investment have gone into tokenization. Tokenization solves a real problem in the economy. It democratizes access to illiquid real assets like real estate and private securities.”

With global tokenized assets expected to hit $30 trillion by 2030, including $15 trillion in illiquid assets and $1 trillion in security tokens, the CEO sees a clear opportunity.“This is where our regulations are focused. We launched our Digital Asset Regulations in 2024, along with the Investment Token Rulebook and security token guidelines. These allow us to license digital asset firms swiftly and efficiently within the QFC framework,” he said.

One key priority for QFC is unlocking liquidity in Qatar’s oversupplied real estate sector.“There’s a huge concentration of ownership in towers across West Bay and Lusail, often held by just a few landlords with ticket sizes of $500m and upwards,” said Al-Jaida. He mentioned that tokenizing even one or two towers could bring tremendous economic benefit and access.

However, to manage risk and ensure regulatory confidence, QFC is deploying a“laboratory” approach. Tokenizing private shares within its own corporate registry, Special Purpose Vehicles (SPVs) or holding companies are then created to hold tokenized assets, beginning with real estate.

“This approach allows us to experiment within a controlled environment. If anything goes wrong, the risk is contained within the QFC – not the broader economy,” he stressed. QFC also sees potential in securitizing other asset classes, including Islamic financial products, corporate bonds, and eventually, energy infrastructure.“ We’re looking to use tokenization to drive inclusive access and financial innovation,” said Al-Jaida.

Why stablecoins and tokenization go hand in hand

At the same event, in a panel on ” Striking the Balance Crypto and Regulation”, stablecoins was also one of the topics of the hour. It was also noted that stablecoins would be needed for tokenized assets. Lucy Gazmararian, Founder & Managing Partner, Token Bay Capital, noted that stablecoins which are effectively fiat money essentially on blockchains is the final piece of the crypto puzzle because it completes the entire trading cycle.” She notes that as more real world assets are issued and traded on blockchain with players like BlackRock, Franklin Tempelton

She explained, ” As we see more real world tokenizing treasuries you need that cash leg of the trade to settle on blockchain transition to move finance onto blockchain. By putting USDT on chain you are driving new demand for collateral that backs those stablecoins.
Each USD is backed short term US treasury debt, because stablecoins getting into hands of new participants, non US people couldn’t get banks accounts in dollars, demand for US dollar.”

Anatoly Crachilov, CEO & Founding Partner, Nickel Digital Asset Management also noted that while traditional banking were overcharging clients, stablecoins do it for a fraction of a cent.

Usman Ahmed, Co-Founder and CEO of Zodia Markets believes that Tether will remain dominant because of the high adoption. He notes that stablecoin market capital is expected to increase from 230 billion USD in 2025 to over 2 trillion USD in 2028, a 10 fold increase in the next two years. He notes, ” I don’t see a bank stablecoin or government one coming in and overtaking Tether, but stablecoins will need to get into the banking system because why wait for dollar market to open, sometimes in seven hours, that is 7 hours of capital not being utilized.”

The Middle East Stablecoin Association launched in May has appointed Kristiina Lumeste, Founder and SEO of Klumi Ventures, a Web3 early stage venture capital firm, as Co-Chair of the Middle East Stablecoin Association – MESA.

As per the announcement, in her new role, Kristiina will lead the Technology, Innovation & Education Committee – a cornerstone of MESA’s mission to drive the responsible development of stablecoins through best-in-class frameworks across technical infrastructure, regulatory alignment, education, and ecosystem engagement.

Klumi post noted, “At Klumi Ventures, we firmly believe that stablecoins are reshaping the global financial infrastructure, offering unprecedented efficiency, transparency, and security for institutions, governments, and markets alike. We are deeply aligned with MESA’s vision to bridge the gap between innovation and compliance, enabling stablecoins to support the future of cross-border payments, tokenized asset settlement, and the digital economy.”

The Middle East Stablecoin Association participated in panel entitled Stablecoins in the UAE, Leading not Following, during TOKEN2049


Deus X Pay, a licensed institutional stablecoin payment solution in Lithuania, setting new standards across the luxury sectors, is now enabling crypto payments for property purchases at the new Trump Tower Dubai, the first Trump International Hotel to be built in the Middle East.

The new $1 billion Trump Tower Dubai, unveiled through partnership with London-listed Dar Global, marks a breakthrough in global luxury real estate. Eric Trump, Executive Vice President of the Trump Organisation and son of US President Donald Trump, has recently announced that Bitcoin and other digital currencies will be accepted for condo sales.

The Trump Tower Dubai, an 80-story architectural icon, offers the highest international standards for ultra-high-net-worth travellers and long-stay residents. The exclusive building boasts 2-3 bedroom apartments and 4-bedroom penthouses valued at over AED 73 million, the highest outdoor swimming pool in the world, and has views of the world’s tallest building, the Burj Khalifa.

Ziad El Chaar, CEO of Dar Global, said the Trump Tower Dubai is among the most ambitious Trump-branded residential towers globally, reflecting the project’s magnitude, stature, and symbolic significance in the region and internationally.

Trump previously told Gulf Business that Dubai is where luxury real estate and financial innovation intersect, and projects like Trump Tower Dubai are leading the way. By embracing technologies like stablecoins, buyers gain a faster, cheaper and more transparent way to secure exclusive, high-end properties while reshaping how luxury transactions are conducted.

As per the press release, Deus X Pay, a licensed Virtual Asset Service Provider (VASP) in Lithuania, offers institutional stablecoin payment solutions, enabling luxury sectors such as real estate, aviation and yachting to capitalise on this new era of finance. Deus X Pay CEO, Richard Crook, highlights that Dubai has created an environment where stablecoins can flourish as a practical, secure tool for international transactions (with Crypto Watch reporting that crypto adoption in the UAE is expected to surge 210% in 2025), giving premium buyers faster, frictionless access to high-value assets.

“Dubai’s forward-thinking stance has unlocked a whole new economy, and the gold standard for transactions of high-value assets. International buyers seek faster settlements, fewer cross-border complications and seamless access to premium developments. This project is a defining moment — not just for Deus X Pay, but for the global real estate sector. We are thrilled to deliver the regulated rails that make it possible for premium property buyers to transact instantly, compliantly and without the traditional delays or friction.”

This announcement comes as the UAE governmental entity, the Dubai Land Department (DLD) has partnered with the Dubai Virtual Assets Regulatory Authority (VARA) to link the real estate registry to property tokenization through an advanced governance system. The collaboration aims to enable the fractional ownership of real estate assets, allowing a broader base of investors, particularly small investors, to enter Dubai’s real estate market. This contributes to greater economic inclusion and enhances the sector’s appeal to global investments.

Ripple, has onboarded Zand Bank, a UAE digital bank and Mamo, a financial payments company based out of DIFC, who will utilize Ripple’s blockchain enabled cross border payments solution. Ripple Payments employs blockchain, digital assets, and a global network of payout partners to deliver fast, transparent, reliable cross-border payments and on/off ramps for banks, crypto companies, and fintech worldwide.

Utilizing its recently acquired license from DFSA ( Dubai Financial Services Authority) in DIFC, the solution will enable Ripple to manage payments end-to-end on behalf of its customers. Customers will be able to move funds across the globe 24/7 across the entire year and settle payments in minutes.

Reece Merrick, Managing Director, Middle East and Africa, at Ripple, “Securing our DFSA license enables Ripple to better serve the demand for solutions to the inefficiencies of traditional cross-border payments, such as high fees, long settlement times, and lack of transparency, in one of the world’s largest cross-border payments hubs. Our new partnerships with Zand Bank and Mamo are testament to the momentum that the license has created for our business. As the global cross-border payments market grows, the leadership demonstrated by authorities in the UAE to create a supportive environment for crypto innovation has positioned the nation and its native companies to benefit from the transformative power of blockchain technology to drive efficiency and innovation in payments.”

According to Ripple’s 2025 New Value Report, 64% of Middle East and Africa (MEA) finance leaders see faster payments and settlement times as the biggest impetus for incorporating blockchain-based currencies into their cross-border payments flows.

“As a pioneering financial institution with a full-fledged banking license, Zand Bank is paving the way for a stronger digital economy by offering innovative financial products as well as AI and blockchain solutions alongside our institutional-grade digital asset custodial services,” commented Chirag Sampat, Head of Treasury and Markets at Zand Bank. “Our collaboration with Ripple highlights our commitment to empowering global payment solutions through blockchain technology. Moreover, we are excited to soon launch an AED-backed stablecoin, designed to further enhance seamless and efficient transactions in the rapidly evolving digital economy.”

“The UAE is on an incredible growth path, with over a million businesses expected to call it home by 2030. At Mamo, we’re proud to be at the forefront of this journey making global payments simpler and more accessible for everyone,” said Imad Gharazeddine, CEO and co-founder of Mamo. “Our partnership with Ripple is a big step forward. It allows us to offer faster, more reliable cross-border payments for both businesses and consumers, helping companies across the UAE scale with confidence.”

Tether, has deployed natively Tether’s USD₮ on the Kaia blockchain, a layer 1 blockchain that exclusively powers the Web3 Mini Dapp accessible within LINE Messenger by LINE NEXT. Kaia’s DLT Foundation is also registered in the UAE at ADGM.

As per the announcement, the collaboration is expected to deliver USD stablecoin offerings to more than 200 million Asia’s mainstream LINE users, enhancing the everyday application of digital assets. USD₮ will be supported across LINE’s messenger-based Mini Dapp platform and self-custodial wallet infrastructure. As a result, by launching USD₮ on Kaia’s rapidly growing Web3 ecosystem, Tether broadens access to stable transactions of the world’s largest stablecoin to LINE’s 200 million monthly active user base. Meaning, users will be able to utilize USD₮ across Mini Dapps for in-app payments, cross-border transfers, and decentralized finance (DeFi) activities, all within the familiar LINE environment.

LINE NEXT Inc. is LINE’s venture dedicated to developing and expanding the Web3 ecosystem. Currently, Kaia is exclusively powering the Mini Dapp and Dapp Portal ecosystem accessible within LINE Messenger.

Mini Dapps built on the Kaia blockchain are set to introduce a wide range of features powered by USD₮, offering users a seamless digital asset experience within LINE Messenger.

Key features of LINE NEXT’s USD₮ initiatives include rewards, where users can complete missions within various Mini Dapps and receive rewards in USD₮. In addition, users can conveniently send and receive USD₮ with friends directly through the in-app wallet on LINE Messenger, as well as integration of USDT into Mini Dapp is under consideration.

Among digital assets, USD₮ is widely used stablecoins by investors in cryptocurrency transactions, thanks to its price stability, high liquidity, and flexible convertibility. USD₮ is also widely supported by popular wallets such as Trust Wallet, Metamask, and locally used exchange wallets in Vietnam such as Remitano, ONUS.

“Tether’s native launch on Kaia is another step toward making stablecoins accessible to millions of mainstream users,” said Paolo Ardoino, Tether’s CEO. “Through LINE NEXT’s trusted blockchain infrastructure, over 200 million LINE users will now have a straightforward way to engage with digital assets in everyday life. Tether’s expansion to Kaia underscores its commitment to fostering stablecoin adoption across Asia and beyond.”

“Tether’s decision to natively launch USD₮ on Kaia will accelerate the spread of high-end USD-backed stablecoins in Asia, furthering our hybrid payment solutions in collaboration with LINE NEXT,” said Dr. Sam Seo, Chairman of Kaia DLT Foundation. “With the lowest transaction latency among EVM chains and immediate finality, Kaia’s USD₮ will provide the fastest, easiest, and most reliable user experience available across platforms such as LINE, DeFi, and CEXs.”

“LINE NEXT’s adoption of USD₮ will help establish a dollar-based gateway in Asia,” said Youngsu Ko, CEO of LINE NEXT. “By integrating stablecoin-powered services, we aim to bring Web3 services closer to users’ everyday experience.”
Positioned as a strategic gateway for USD-backed stablecoins in Asia, Kaia and LINE NEXT aim to facilitate the widespread circulation of USD₮ and lay the groundwork for USD₮-enabled Web3 services in the region.

The integration of Tether’s market leading stablecoin into Kaia’s robust blockchain and DeFi ecosystem streamlines on/offramps for fiat-to-digital asset conversion and helps drive LINE NEXT’s broader Web3 ambitions.

DKK Digital FZE, a Dubai based subsidiary of DKK Partners based in London, has secured full regulatory approval from the Dubai Virtual Assets Regulatory Authority (VARA) to operate as a licensed Virtual Asset Service Provider (VASP) Broker/Dealer as it plans to scale its operations across the Middle East.

As per the announcement, DKK Digital is now authorized to offer a comprehensive suite of regulated digital asset services, including fiat on/off ramp infrastructure and liquidity provision for stablecoins such as Electronic Dirham (EAED), USD Tether (USDT), USD Coin (USDC), and Ripple USD (XRP).

Khalid Talukder, Co-Founder & CEO of DKK Digital commented, “Receiving full regulatory approval from VARA is a major milestone for DKK Digital and a strong validation of our commitment to building within a compliant and forward-thinking framework while contributing to Dubai’s vision as a global hub for blockchain and Web3 innovation. This license enables us to officially operate as a regulated Broker/Dealer VASP and further strengthens our ability to deliver secure, institutional-grade digital asset solutions across the region and beyond.”

The firm’s approval also reinforces its capacity to build robust partnerships with banks, fintech companies and financial institutions across the regions, enabling regulated services for cross-border settlements, FX markets and treasury operations.

This week alone in the UAE, several crypto brokers and exchanges such as Gate.io and Bitgo both receiving licenses from VARA adding to the already competitive crypto exchange market.

Circle Internet Group, Inc., a stablecoin market leader and issuer of USDC stablecoin has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM in the UAE to operate as a money services provider.

The initial approval will allow Circle once fully licensed to offer compliant digital finance solutions across UAE. Circle seeks to secure a Financial Services Permission (FSP) under ADGM’s progressive regulatory framework.

In 2024 Circle’s incorporated its entity in ADGM.

Jeremy Allaire, Co Founder, Chairman and CEO of Circle noted, that the UAE was paving the way for responsible innovators to built the internet financial system. He noted, “This IPA from ADGM advances our strategy to establish deep roots in markets embracing the onchain economy, creating new pathways for investment and innovation in the region. It also underscores Circle’s enduring commitment to global stablecoin oversight—strengthening trust, compliance, and adoption worldwide, while laying a resilient foundation for the internet financial system.”

“We are excited about Circle’s contribution to ADGM’s dynamic ecosystem leveraging their regulatory-first approach, commitment to innovation, and global credibility in the stablecoin space,” said Arvind Ramamurthy, Chief of Market Development at ADGM. “Their presence aligns with ADGM’s position as a hub for innovation, offering a robust regulatory environment for the growth of next-generation financial services. We look forward to working with Circle as they expand their operations and contribute to the advancement of digital finance in the UAE.”

Dante Disparte, Chief Strategy Officer & Head of Global Policy and Operations at Circle. stated, “Circle continues to demonstrate how trusted infrastructure, built on rigorous compliance and transparency, can advance the safe adoption of stablecoins worldwide. This moment reinforces our belief that regulation is not a constraint on innovation, but its most powerful catalyst.”

The announcement comes a day after FAB Bank in UAE announced it would be issuing an AED stablecoin.

Tether was also the first global stablecoin issuer to announce it was seeking a license in UAE from the Central Bank to launch its AED stablecoin.

Singapore Gulf Bank (SGB) based in Bahrain, has launched its personal banking services, and will enable instant movement between crypto and fiat via top licensed exchanges with instant off and on ramping.

Backed by Bahrain’s sovereign wealth fund Mumtalakat and Whampoa Group, SGB is the only licensed bank in the MENA region to provide global clients with remote onboarding and integrated access to both conventional and digital finance. This expansion follows strong demand for SGB’s corporate banking services and addresses long-standing pain points for globally connected customers.

SGB will offer unified access to crypto and fiat and enable instant movement between crypto and fiat via top licensed exchanges.
Instant on- and off-ramping. It will also offer direct integration with regulated exchanges allows real-time, secure conversion between digital and fiat currencies.

The bank aims to simplify cross border payments, whether via wire transfers, crypto rails or SGB-issued cards making international transactions for business, travel, education are effortless.


From high-yield savings accounts to exclusive opportunities across Asia and MENA, clients can manage both traditional and digital assets through one trusted platform.

SGB began offering services in Bahrain and sought to acquire stablecoin company

In November 2024, Singapore Gulf Bank, announced it was in talks with a Middle East sovereign wealth fund to raise $50 million to acquire a stablecoin payments company in 2025 either in the Middle East or Europe.

SGB started its operations in Bahrain serving corporate customers with digital banking services, noting that it would be extending its digital banking services to individual clients by the end of 2024. The bank added that SGB would provide a real-time settlement network, digital assets custody and intuitive trading solutions, all underpinned by robust AML/KYC measures.

In Saudi Arabia a new digital bank called D360 has received regulatory approval from the Saudi Central Bank (SAMA) becoming third digital bank in KSA. D360 will be established with a capital of SAR 1.65 billion ($440 million) through a consortium of individual and corporate investors, with the Public Investment Fund as one of the key investors. It will be led by Derayah Financial Company.

With the latest addition of D360, there are 35 licensed banks in Saudi Arabia at present, including 11 local banks, three local digital banks, and 21 foreign bank branches. There are also 19 licensed fintech companies that provide payment services, consumer microfinance and electronic insurance brokerage.

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.