After its crypto broker license in UAE, WadzPay now seeks license for stablecoin issuance

After its crypto broker license in UAE, WadzPay now seeks license for stablecoin issuance

WadzPay, a fintech blockchain based technology for virtual asset payment solutions, has announced its entrance into the Stablecoin business. According to the press release, this will shift Wadzpay’s strategy from one of being a virtual asset payments company to a blockchain financial services solutions provider. The new solutions will be organized as a new business and new brand. To ensure regulatory compliance, WadzPay will set up a new entity and will pursue approvals in UAE, Hong Kong, and Singapore.

WadzPay recently was granted a license for crypto brokerage by Dubai’s virtual asset regulatory authority, pending finalizing some requirements.

The decision to venture into the Stablecoin market comes as a response to the increasing demand for secure, transparent, and efficient digital payment solutions worldwide. WadzPay will introduce two main products: Stable Coin as a Service and its own regulated USD$ Stablecoin, designed for local and international payments, cross border remittances, and settlements of on-chain transactions related to RWA.

According to recent market research by Bernstein, the global market for stablecoins is projected to grow from $125 billion to almost $3 trillion in next 5 years. This growth is fueled by factors such as the rise of decentralized finance (DeFi) applications, cross-border remittances, and the need for stable digital assets to mitigate volatility risks in cryptocurrency markets.

By leveraging blockchain technology, WadzPay aims to provide users with a reliable alternative to traditional fiat currencies, offering stability, convenience, and speed at lower cost in transactions for merchants, businesses and individuals worldwide. With a focus on compliance and regulations, WadzPay is poised to address the growing demand for stablecoins while ensuring security and regulatory compliance in its operations. Apart from the traditional use cases, WadzPay will add some new and innovative uses of stablecoins to the mix.

With this strategic move, WadzPay aims to innovate in solving foreign exchange problems and will introduce an innovative first-in-market business model, setting itself apart from competitors. WadzPay will build a world class team under the new leadership to drive this business.

Founder & Group CEO of WadzPay, Mr. Anish Jain, emphasized the strategic significance of this expansion, stating, “Our entry into the stablecoin business reflects our dedication to meeting the evolving needs of our customers and staying at the forefront of technological innovation. With the growing adoption of virtual assets, particularly stablecoins, we see tremendous potential for growth and are excited to offer our expertise in this space, while remaining committed to compliance and regulations.”

Leading the initiative is Mr. Jason Sarria-Solis as the President – Emerging & New Business in charge of the stablecoin business. With over 20 years of experience in the technology and fintech industry, Mr. Jason brings a wealth of knowledge and a proven track record of driving business growth and innovation. He has led multiple projects spanning from founding and scaling a successful telecom startup in the UK to leading digital banking, embedded finance, and blockchain projects in Asia.

Commenting on his appointment, Mr. Jason Sarria-Solis expressed his enthusiasm, stating, “I am thrilled to join WadzPay at such a pivotal moment in the company’s journey. The stablecoin market presents immense opportunities for disruption and advancement in the payments, remittance, and on-chain settlement space, and I look forward to leading our team in delivering innovative solutions that meet the needs of our users and drive the company’s growth.”

WadzPay remains committed to its mission of revolutionizing the virtual asset financial services landscape with blockchain technology, and the expansion into the stablecoin business marks a significant milestone in this journey. With a focus on technological excellence, customer satisfaction, and strategic partnerships, the company is poised to emerge as a key player in the financial services ecosystem.

Pravica launches S3 testnet for CBDCs and stablecoins on sui blockchain

Pravica launches S3 testnet for CBDCs and stablecoins on sui blockchain

Money Tokenization built on blockchain just got an enormous boost with the launch of UAE and Egyptian based Pravica’s S3 (Stablecoin Studio on Sui) testnet during the CV Summit Africa 2024.

Less than two months after publicizing the launch of S3.Money on the Sui Blockchain, The S3 testnet is now up and running, welcoming developers and financial community to start building tokenized money whether CBDCs (Central Bank Digital Currencies) or stablecoins.

According to Pravica blog post, the S3 platform is set to revolutionize the global payment processing landscape by allowing money to be tokenized in a versatile and user-friendly way swiftly and securely. The premise is financial empowerment with blockchain based money tokenization, because the future of money is all about innovation and accessibility.
Mohamed Abdou Founder and CEO of Pravica, explaining the concept states, “With S3, issuing and managing CBDC or stablecoins are a matter of clicks!”


S3 Money is a solution that caters not only to up and coming stablecoin issuers such as central banks, retail banks, and DeFi (Decentralized Finance) projects, but also to existing stablecoin issuers including the creators of Tether (USDT), Circle (USDC) by offering them the ability to simplify, quickly issue, manage and create different treasury layers for their respective stablecoins.

As per Pravica, gone are the days of building and auditing smart contracts, S3’s innovation solution on Sui, bring stablecoins to life through a streamlined process of stablecoin issuance just by defining the parameters.


S3 also helps to maintain the stablecoin ecosystem through S3’s intuitive management dashboard. The dashboard monitors supply and demand in real-time, tracking transactions easily and allowing for adjustments along the way.


Pravica has introduced a feature in S3, called ‘Relations’, which allows clients to establish a secure, multi-layered hierarchy for sub-wallets within a client’s stablecoin ecosystem. Imagine creating permissioned access structures for different user groups, or designating sub-wallets for specific departments within your organization.
The platform enhances treasury command with built-in proof-of-reserve functionality and seamless integration with on-chain oracles. Integrated KYC/AML features prioritize compliance, strengthening due diligence with qualified identity verification services.
All this has been enabled because S3 leverages the secure and blazing-fast Sui blockchain for unparalleled stability and transaction speed.
The one-stop streamlined experience is unparalleled because of the intuitive capable administration with role-based controls, that allow the effortless configuration and management of tokenized money.


As Abdou explains, “Based on the adoption we are already seeing and our deep experience with international payment systems, we are convinced that stablecoins will revolutionize the global payments industry.”

This comes as Pravica has rebranded, revamped and restructured their offering into a more comprehensive blockchain infrastructure solution provider. Pravica is offering solutions for a trustworthy and transformative digital landscape utilizing secure, efficient, and innovative blockchain solutions.

Tether partners with UAE based Fuze for digital assets

Tether partners with UAE based Fuze for digital assets

Tether, the global stablecoin and UAE based Fuze, a digital assets infrastructure provider with offices in Abu Dhabi, Dubai, and Istanbul, have signed a Memorandum of Understanding (MoU) to establish the terms of a collaboration on educational initiatives within the digital asset realm, with a particular focus on Turkey and the Middle East.

Through these cooperation efforts, Tether and Fuze aim to address various facets of education around crypto asset space, encompassing cross-border payment solutions, compliance, regulatory framework development, and education for local financial institutions.

In pursuit of these objectives, this collaboration will see the two companies undertaking a range of collaborative endeavors which include educational campaigns to promote the adoption of virtual assets such as Bitcoin, Blockchain, and Stablecoins like Tether (USDT) to facilitate cross-border payments. These initiatives will be strategically designed to highlight the efficiency and accessibility benefits of using digital assets in a compliant manner for businesses and individuals across Turkey, the Middle East, and North Africa.

Tether and Fuze will also analyze the development of programs and workshops aimed at enhancing awareness and understanding of digital assets and blockchain technology among local financial institutions and individuals in the aforementioned regions. These efforts will align with evolving regulatory requirements and standards to ensure compliance in the dynamic regulatory landscape. Joint strategies will be designed to promote educational initiatives and workshops, demonstrating a commitment to ethical and responsible educational practices.

Additionally, these strategies will prioritize educating merchants and businesses on the practical utility of digital assets like Bitcoin and Tether for everyday transactions, aiming to increase awareness and adoption of digital assets. The initiatives will also include the engagement of local and regional banks and financial institutions to educate them on the benefits of utilizing stablecoins and digital assets for their customers, empowering financial institutions with the knowledge and tools necessary to leverage digital assets effectively.

“As we team up with Fuze, we’re thrilled to be part of a movement that brings digital assets within reach of people across Turkey, the Middle East, and North Africa,” said Paolo Ardoino, CEO of Tether.  “Our collaboration isn’t just about technology; it’s about empowering individuals, businesses, and financial institutions to navigate the evolving landscape of finance with confidence and clarity.” 

Commenting further on the collaboration, Mo Ali Yusuf, Co-Founder and CEO of Fuze said, “We’re proud to team up with the Tether team who share our vision that digital assets will power the future of finance. By educating stakeholders at all levels, we can accelerate the digital assets landscape and ensure that everyone from institutions to end consumers benefit from the vast opportunities presented by well-managed, secure, and trusted digital assets.”

UAE Infinity Capital acquires stablecoin security infrastructure provider for seven figures

UAE Infinity Capital acquires stablecoin security infrastructure provider for seven figures

UAE based blockchain validation provider Infinity Capital has acquired Andro, a security infrastructure for crypto and stablecoin management on financial institutions. As per the press release, the undisclosed seven-figure acquisition by the UAE-based firm aims to enhance its services with the blockchain product built by the Colombian startup.

The announcement adds that with this acquisition, the product’s capabilities will be improved, seeking to exceed one billion dollars in transacted volume by the end of the year.

Andro’s innovative platform empowers clients to manage their digital assets securely and efficiently. In their current version, clients can connect their personal custody wallets, such as MetaMask or Ledger, to Andro’s system.

Smart contracts diversify their holdings across various types of stablecoins to mitigate parity loss risks while continuously monitoring market prices. This system enables swift decision-making and asset exchange in the face of volatility, exemplified by incidents like the UST (Terra Luna) debacle, the FTX collapse, or the Silicon Valley Bank crisis affecting USDC’s value.

The advent of new stablecoins and traditional banks like Societé Generale and HSBC venturing into tokenized assets and deposits on the blockchain further illustrates the dynamic evolution of the financial landscape. Andro’s role in this ecosystem is crucial, offering a robust and responsive platform for navigating the complexities of digital currency investments.

Jose Pino, Andro’s founder, is a renowned figure in cybersecurity, credited with identifying vulnerabilities in the security protocols of over 30 major institutions, including Microsoft, Yahoo!, PayPal, and Harvard University. His work in developing open-source tools like Trape, aimed at combating terrorism and criminal activities, and Temcrypt, a multi-layer information encryption mechanism resistant to common brute-force attacks, has set new standards in the field of ethical hacking and cybersecurity.

The founding team consists of Jaime Varela, also founder of Zulu, an international business payments startup that successfully secured US$5 million in venture capital funding; Carlos Villarreal, the strategic mind and designer responsible for the seamless user experience; and Daniel Esposito, the leader of the development team. Their combined efforts have been pivotal to Andro’s development and triumph.

Jose Pino, Founder of Andro states, “We are confident that under Infinity Capital’s ownership, Andro will not only see enhanced capabilities but will also greatly contribute to Infinity Capital’s value. While I step into a new chapter focusing on AI-powered cybersecurity, I am excited to see Andro thrive in its next phase of growth.”

Pave Bank, digital bank seeks regulatory license in UAE

Pave Bank, digital bank seeks regulatory license in UAE

Pave Bank, digital bank for businesses to transact in stablecoins, Central Bank Digital Currencies (CBDCs), and tokenized Real World Assets (RWAs) is seeking regulatory license in UAE as it expands its operations to MENA.

Pave Bank, an approved digital banking license from Georgia and a US$5.2M seed funding round led by 468 Capital with participation from Quona Capital, FT Partners, BR Capital, w3.fund, Daedalus and angel investors has launched.

Pave Bank is the world’s first fully regulated commercial bank where clients can not only get the best in class business banking products (such as multi-currency operating accounts, global payment connectivity, and treasury management solutions) but will also have access to multi-asset custody, virtual IBANs, safeguarding accounts and PaveNet, which is a multi-asset, always instant and always on network of Pave Bank customers.

Salim Dhanani, Co-Founder & CEO of Pave Bank commented: “We have set out to address limitations of today’s financial system that lacks transparency, remains restricted to certain time-windows (clearing and settlement, for example) and is riddled with intermediaries. All of this increases costs, management complexity and also limits the products and services which can be accessed by the majority of businesses and especially, for those operating globally. In parallel, we have seen a number of innovative products that have been created in the digital asset space, but sometimes with a lack of regulation and safety for users. We are championing a new path where Pave Bank customers will get access to the financial products that they are used to, but also a range of digital asset enabled products which will help them bank more efficiently within a regulated and secure environment.”

As programmability in financial services takes off, Pave Bank offers a fresh, secure and regulated platform for businesses to transact in stablecoins, Central Bank Digital Currencies (CBDCs), and tokenized Real World Assets (RWAs). Salim Dhanani added: “There are two major trends that led us to create Pave Bank. Firstly, blockchain is being integrated into the traditional financial system – with stablecoins, CBDCs included, and tokenized RWAs. We are seeing the financial system be built on new operating languages for the first time in over fifty years. Secondly, regulation is here, it’s here to stay, and for the better. We are seeing this narrative evolve around the world – in Singapore, Hong Kong, Georgia, UAE, UK, across the EU and the green shoots in the USA, amongst many others. As a fully regulated digital bank with a proprietary technology stack, we are right at the swell of the programmable financial system wave.”

Pave Bank has started the regulatory journey with a digital commercial banking license in Georgia and plans to continue to build its regulatory infrastructure globally. Georgia is strategically positioned between Europe, the Middle East and Asia, with close ties to the European Union. Its robust and transparent regulatory architecture has attracted a large number of businesses as it seeks to become a financial services hub in the region.

Dubai’s Virtual asset regulatory authority issues stablecoin regulations

Dubai’s Virtual asset regulatory authority issues stablecoin regulations

Dubai’s Virtual asset regulatory authority ( VARA) has updated its virtual asset rulebook and added new regulations with regards to what it calls Fiat referenced virtual asset ( FRVA) better know to most as virtual assets pegged to a stable value, or stablecoins.

As per VARA definition, “ Fiat-Referenced Virtual Asset (FRVA) means a type of Virtual Asset that purports to maintain a stable value in relation to the value of one or more fiat currencies but does not have legal tender status in any jurisdiction. An FRVA is neither issued nor guaranteed by any jurisdiction and fulfils its functions only by use and acceptance within the community of users of the FRVA.”

However VARA also notes an exception and states that any FRVA, i.e. stablecoin pegged to the value of the UAE currency, the AED will not be approved as it will remain under the sole and exclusive regulatory purview of the Central bank of the UAE.

In addition FRVAs exclude assets that  are representations of any equity claim; issued by central banks acting in their monetary authority capacity [e.g. central bank digital currencies [CBDCs]]; or  are tokenized bank deposits used only for interbank settlement purposes.

It also excludes reference Currency means, in relation to an FRVA, a VARA-approved fiat currence, the value of which an FRVA purports to maintain a stable reference to;and which is controlled by a central bank of any country[ies] or territory[ies] which are not subject to any sanctions in accordance with Federal AML-CFT Laws; as well as  the status of legal tender; and  which is required to be accepted within a given jurisdiction.

Issuers of FRVAs will have to ensure reserve assets, a pool of assets maintained in accordance  Rule III.B of these FRVA Rules and as approved by VARA. Reserve Assets are not Client Money or Client VAs, as defined in the Compliance and Risk Management Rulebook.

The issuance of an FRVA is a Category 1 VA issuance and as such is a virtual asset (VA) Activity. 

In addition VARA states that currencies of sanctioned countries or territories. VASPs may not have as a Reference Currency any currency issued by any country[ies] or territory[ies] which are subject to sanctions under Federal AML-CFT Laws.

VARA may, in its sole and absolute discretion, designate any VASP Licensed to issue an FRVA as a Significant FRVA Issuer at the time of issuing a Licence or anytime thereafter.

In designating a VASP as a Significant FRVA Issuer, VARA may consider all factors relevant to the VASP and/or the FRVA issued by the VASP, including but not limited to  the number of holders of the FRVA; the value of circulating and/or outstanding supply of the FRVA;  the value of the Reserve Assets maintained by the VASP; the number and value of transactions in the FRVA; whether the VASP and/or its affiliates carry out any other VA Activity[ies] and/or financial services in Dubai, or provide services similar to VA Activities and/or financial services in other jurisdictions; interconnectedness with licensed financial institutions and/or VASPs; and/or the business, structural and operational complexity of the VASP in relation to the FRVA issued by it.