UmrahCash and Saudi Hajj services to offer stablecoin payment solutions

UmrahCash and Saudi Hajj services to offer stablecoin payment solutions

Saudi based UmrahCash, a Blockchain fintech stablecoin issuer platform, has signed a Memorandum of Understanding (MoU) with the Muttawffys of Arabs Hajj Company (Ashraqat) aimed to revolutionize the pilgrimage experience for millions of Hajj and Umrah visitors to Saudi Arabia.

UmrahCash is a fintech platform dedicated to advancing Islamic financial inclusion. Using stablecoin technology, it simplifies currency exchange and payments for Hajj and Umrah pilgrims, processing over $1 million in monthly transactions, less than a year since launch.

The partnerships will offer seamless, efficient, and innovative solutions for pilgrims allowing them to access local currency easily in Saudi Arabia, developing innovative solutions, joint marketing campaigns, and most importantly expanding the financial and logistical services available to pilgrims.

William Phelps, CEO and Founder of UmrahCash, remarked: “Pilgrimage is a sacred journey that should be enriching and seamless. Through our partnership with Ashraqat, we aim to eliminate barriers, providing pilgrims with financial and logistical support that is transparent, reliable, and in line with modern standards. Together, we are creating a future where pilgrims can focus solely on their spiritual journey.”

Founded nearly 40 years ago by royal decree, Ashraqat has revolutionized the service of Hajj pilgrims, transitioning from individual efforts to an institutionalized model.

Umrah Cash is supported by Cardano Accelerator

Cardano Blockchain accelerator Adaverse had invested and supported Umrah Cash among other startups in Saudi Arabia. Adaverse had published its first Web3 ecosystem report for the Kingdom of Saudi Arabia showcasing growth, opportunities, as well as challenges. Since its inception, Adaverse has funded 54+ startups across Asia, the Middle East and Africa.

This announcement comes as Neom, Saudi Arabia’s futuristic city being built on the shores of the Red Sea has partnered with Saudi Arabian NTDP ( National Technology Development Program) and Outlier Ventures, a global Web3 accelerator, to launch the first Web3 accelerator and the FutureSpark Base Camp Demo Day.

Tokinvest and UDPN launch stablecoin management System

Tokinvest and UDPN launch stablecoin management System

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.

UAE Bank invests in crypto custodian Zodia Custody

UAE Bank invests in crypto custodian Zodia Custody

A leading UAE bank, Emirates NBD, has invested in a crypto custodian service provider, Zodia Custody, which is seeking to be licensed in UAE. Zodia Custody is backed by Standard Chartered, SBI holdings and others.

As per the announcement, the strategic equity investment was made by Emirates NBD’s Innovation Fund, the bank’s corporate venture fund.

Headquartered in London, Zodia Custody tailors digital asset custody solutions for institutional clients in alignment to regulatory requirements, ensuring institutions can make informed investment decisions according to market trends with the highest levels of security.

Marwan Hadi, Group Head of Retail Banking and Wealth Management, Emirates NBD, stated, “Our strategic investment in Zodia Custody reflects our commitment to creating an environment where digital asset trading venues and forward-thinking institutions can interact safely, securely and without compromise. FinTech is changing the institutional landscape rapidly and we want to ensure our ongoing support to emerging technologies to bolster this growth by bridging the gap between financial services and digital assets.”

He added, “Our investment is significant in light of the UAE’s progressive approach to digital asset regulation and its ambition to become a global innovation and technology hub. Additionally, it aligns with the Dubai Economic Agenda D33 that envisages the Emirate among the top four global financial hubs and a preferred capital market in the Middle East, Africa and South Asia region.”

Neeraj Makin, Group Head of Strategy, Analytics and Venture Capital at Emirates NBD, said, “Emirates NBD has decades of experience in leveraging innovation to simplify banking. The investment in Zodia Custody’s robust and unique offerings positions Emirates NBD at the forefront of digital asset innovation, a trillion-dollar-asset class. The MENAT region is transforming rapidly into a key player in the crypto economy fuelled by institutional and enterprise activity and a growing appetite for DeFi and Stablecoins. In line with our vision to be a digital leader in the region, we are making strategic investments via the Innovation Fund and committed to fostering a culture of innovation.”

Julian Sawyer, CEO of Zodia Custody, said, “As the fifth bank to cast a vote of confidence in our proposition, we are beyond grateful to Emirates NBD for placing their trust in us. This investment is a monumental step forward, paving the way for Zodia Custody to become a leading player globally.”

Alex Manson, CEO of Standard Chartered Ventures, said: “Emirates NBD’s investment marks the fifth TradFi institution supporting our Digital Assets venture Zodia Custody. As we build an ecosystem of infrastructure to operate Digital Assets at institutional grade, we are grateful for this recognition, support and most importantly look forward to our partnership.”

This week as well, Emirates NBD, added, its fifth member of its Digital Asset Lab, Chainlink, the standard for onchain finance, verifiable data, and cross-chain interoperability. Chainlink will join other founding members including PwC, Fireblocks, R3 and Chainalysis.

This also comes days after UAE based Zand Bank, an AI powered digital bank, received a full VASP license from Dubai’s virtual assets regulatory authority (VARA) allowing it to offer crypto custodial services. The license allows Zand to offer crypto and digital asset custodial services to institutional investors and qualified investors.

Standard Chartered to support Paxos USDG and USDL stablecoins

Standard Chartered to support Paxos USDG and USDL stablecoins

Paxos, a regulated blockchain and tokenization infrastructure platform, has partnered with Standard Chartered to enhance Global Dollar (USDG) and Lift Dollar (USDL) reserve management. Standard Chartered will provide cash management, trading, and custody services, further strengthening the infrastructure supporting the trusted digital assets in Singapore and UAE.

Both USDG and USDL are fully backed and trusted stablecoins issued under prudential regulatory oversight. Paxos maintains rigorous standards in reserve management and exclusively holds short-term, highly liquid US government securities and cash equivalents to ensure that stablecoins maintain 1:1 parity with the US dollar. This guarantees seamless convertibility to fiat currency while reinforcing trust in Paxos’ ecosystem.

Through this collaboration, Standard Chartered will support Paxos’ global tokenization platform by offering seamless integration with a comprehensive suite of banking capabilities across transaction banking, financial markets, and securities services.

Adam Ackermann, Head of Treasury and Portfolio Management at Paxos, said, “As the stablecoin industry continues to attract the world’s leading enterprises, it’s more important than ever to ensure they have access to sophisticated, institutional-grade products. Standard Chartered’s commitment to risk management, compliance and operational efficiency across its world-class banking solutions is critical to Paxos as a regulated stablecoin issuer.”

John Collura, Global Head of Banks & Broker Dealer Sales and Head of Europe & Americas for Financing and Securities Services at Standard Chartered, added, “Our partnership with Paxos reflects Standard Chartered’s commitment to shaping the future of digital finance with trust and innovation. By providing robust cash management, trading, and custody services, we’re enabling the next generation of secure and regulated digital assets solutions that drive global adoption and economic inclusion.”

Global Dollar (USDG) is a US dollar-backed stablecoin issued by Paxos Digital Singapore, and is substantively compliant with the Monetary Authority of Singapore’s (MAS) upcoming stablecoin regulatory framework. This ensures USDG meets the highest standards of consumer protection and regulatory compliance. Paxos International, which is regulated by the Financial Services Regulatory Authority of Abu Dhabi Global Market, launched the US dollar-backed stablecoin Lift Dollar (USDL) earlier this year. USDL passes daily programmatic safe yield to its end holders.

Tether receives approval for USDT in UAE

Tether receives approval for USDT in UAE

Tether, the largest company in the digital assets industry, has announced the acceptance of USD₮ by the Financial Services Regulatory Authority (“FSRA”) as an Accepted Virtual Asset (“AVA”) in the Abu Dhabi Global Market (“ADGM”). This approval ensures USD₮ meets the standards set by the ADGM, enabling the seamless integration of USD₮ into the approved services of licensed entities in ADGM and supporting the diversification and modernization of the UAE’s financial landscape.

This approval enables Authorized Persons operating and licensed by the FSRA to offer pre-approved services related to USD₮, advancing the region’s leadership in digital asset innovation. This announcement comes amid the rising adoption of digital currencies in the United Arab Emirates (UAE), reflecting the nation’s proactive approach to integrating traditional and digital finance.

“This milestone underscores Tether’s commitment to fostering global financial inclusion and innovation. By bringing USD₮ to the forefront of ADGM’s regulated virtual asset framework, we are not only validating the importance of stablecoins as critical tools for modern finance but also opening new doors for collaboration and growth across the Middle East,” said Paolo Ardoino, CEO of Tether. “The UAE’s forward-thinking approach to virtual asset regulation sets a global benchmark, and we are proud that USD₮ can play a pivotal role in driving economic progress and digital transformation in the region. This approval highlights Tether’s dedication to building bridges between traditional and decentralized economies while ensuring security, trust, and efficiency for users worldwide.”

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

      The consultation period will close on 31 January 2025.

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

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


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


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

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

      Central Bank of Bahrain studies how banks can offer stablecoins in the future

      Central Bank of Bahrain studies how banks can offer stablecoins in the future

      The Central Bank of Bahrain, while still piloting CBDCs, is moving forward with its stablecoin and crypto payments strategy and is currently studying the possibility of allowing local bank to offer stablecoins in next phase.

      The governor of the Central Bank of Bahrain (CBB), Khalid Humaidan in an interview with the Banker noted that the Central Bank of Bahrain is still in CBDC pilot phase utilizing different approaches for retail and wholesale CBDCs, yet at the same time strong interest is in stablecoins, and crypto payments according to  Yasmeen Alsharaf, director of the fintech and innovation unit at the CBB.

      Just as the governor of Bahrain Central Bank discussed piloting CBDCs both retail and wholesale, Yasmeen Al Sharaf in another interview discussed how the CBB recently issued a consultation on the regulation of stablecoins in October 2024 and is seeking in next phase to see how banks can offer stablecoins.

      CBDCs still in pilot or pre-pilot stages across GCC

      Back in June 2024, the IMF noted two thirds of countries in MENA were exploring CBDCs stating that Bahrain, Saudi Arabia and UAE were in more advanced proof of concept stages, it also noted that CBDCs required careful considerations. Today it seems that this is still the case.

      Humaidan speaking to the Banker explained, that the CBB is still piloting and trying different combinations and keeping their options open. He stated, “As the pilot progresses, we will refine our approach and decide what the right formula is for Bahrain.”

      He had commented that most central banks in the GCC (Gulf Cooperation Council) countries are in the same phase when it comes to CBDCs. They are either piloting or about to launch pilots. The reason is that there are still a lot of questions such as which is a priority retail or wholesale CBDCs, should a centralized or decentralized ledger be used?

      CBB is interested in stablecoins and crypto payments

      But while the Central Bank of Bahrain may still be piloting on the CBDC front, in terms of stablecoins and crypto payments, Yasmeen Alsharaf, Director of the Fintech and innovation unit at the CBB told Asian Banking & Finance at the Singapore Fintech Festival 2024 on 6-8 November, noted that stablecoins and crypto payments are areas of interest for the central bank.

      In October 2024, the CBB issued a consultation on the regulation of stablecoins.

      Alsharaf stated, “We will soon also be complementing that with the consultation to explore the opportunity to allow banks to also engage in offering Stablecoins. We are currently in the process of benchmarking other jurisdictions when it comes to crypto payments.”

      She added, “We believe that there’s a lot of opportunities when it comes to digital assets, a lot of use cases out there. And again, going back to what I mentioned earlier, a balanced regulatory framework is important to have in place to support those use cases whilst maintaining safe financial operations.”

      The statements come as Singapore Gulf Bank, a subsidiary of Whampoa Group, with a license in Bahrain, is 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 is backed by Bahrain’s sovereign wealth fund Mumtalakat and privately held Singapore-based investment firm Whampoa Group.

      UAE has already published its stablecoin regulations

      While Bahrain it still in the consultation phase for its stablecoin regulation, the UAE Central Bank in June 2024 came out with the “UAE Stablecoin Payment Token Services Regulation” laying out the rules and conditions by the Central Bank of UAE for licenses pertaining to payment tokens, not allowing algorithmic tokens to be included and only allowing foreign stablecoins to be used to purchase virtual assets.

      The Central Bank of the UAE defined Payment Token Services as being digital payment services in the UAE comprising of three categories, namely Payment Token Issuance, Payment Token Conversion and Payment Token Custody and Transfer.

      Soon after Tether announced that it would be seeking to launch its AED stablecoin.

      The Chainalysis 2024 report which covered the MENA region showcased the growth of stablecoins, particularly in Turkey, Saudi Arabia and the UAE.

      Mbank launches first blockchain enabled national debit card in UAE

      Mbank launches first blockchain enabled national debit card in UAE

      In celebration of the UAE’s 53rd National Day, UAE based Mbank (Al Maryah Community Bank) , a digital bank, launched Jaywan Cards, the UAE’s first National Debit Card, on its blockchain enabled Mbank Wallet platform.

      As per the press release, the national debit card is powered by advanced blockchain technology. It empowers customers with the ability to pay seamlessly at all POS terminals across the UAE, transfer money internationally with ease, and enjoy zero fees for cash withdrawals. By leveraging the security and efficiency of blockchain, Mbank sets a new benchmark in financial convenience and inclusivity, reinforcing its commitment to innovation and serving the diverse needs of its customers.

      The press release added, that the launch of Jaywan Cards reflects Mbank’s commitment to fostering financial inclusion, serving the local community, and enhancing its position in the UAE’s financial ecosystem.

      This initiative aligns with the Central Bank of the UAE and Al Etihad Payments’ strategic timeline, supporting the introduction of over 10 million new debit cards into the UAE market over the next two years. Mbank extends its gratitude to Al Etihad Payments for their unwavering support and collaboration, which has been instrumental in bringing this transformative initiative to life and advancing the UAE’s payment infrastructure.

      The Mbank Wallet offers a full suite of payment solutions, giving users the ability to manage their finances on the app while using Jaywan Cards for in-person transactions.

      The Mbank Wallet is the UAE’s first national digital wallet built on decentralized blockchain technology, offering:

      • Payments Through All POS Terminals in the UAE: Jaywan Cards are widely accepted across the country for seamless transactions.
      • Instant Payments with QR Technology: Secure and quick payments for in-store and online purchases.
      • Cross-Border Transactions: International transfers facilitated through Lulu Exchange.
      • No Bank Account Needed: Customers can send, receive, and request payments using an IBAN, eliminating the need for a bank account.
      • Zero Fees for Cash Withdrawals: A fee-free experience at ATMs, ensuring greater financial accessibility.
      • Digital E-Vouchers: Simplify the process of purchasing gift vouchers from a wide range of top merchants

      “As we celebrate the UAE’s 53rd National Day, we take immense pride in introducing a transformative step forward with the launch of Jaywan Cards through the Mbank Wallet,” said Mr. Mohammed Wassim Khayata, CEO of Al Maryah Community Bank. “This groundbreaking initiative is a testament to our unwavering commitment to empowering the nation’s financial landscape, enhancing customer experiences, and driving the UAE’s vision of becoming a leader in financial inclusion and digital innovation.”

      He added, “With Jaywan Cards and the Mbank Wallet, we are not just redefining the banking experience but also reinforcing the UAE’s position as a hub for cutting-edge financial solutions. Our focus is on creating meaningful impacts that bring convenience and accessibility to every customer, reflecting the spirit of progress and innovation that defines our nation.”

      This announcement comes after AED Stablecoin LLC stated that the Central Bank of UAE provided it with in principle approval to launch and establish its own stablecoin, AE Coin.

      Bahrain based Singapore Gulf Bank to raise $50 million for stablecoin payment entity

      Bahrain based Singapore Gulf Bank to raise $50 million for stablecoin payment entity

      Singapore Gulf Bank, a subsidiary of Whampoa Group, with a license in Bahrain, is 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. The news was published in a Bloomberg article. SGB is backed by Bahrain’s sovereign wealth fund Mumtalakat and privately held Singapore-based investment firm Whampoa Group.

      The startup bank, will sell an equity stake of less than 10% by early 2025 according to the Bloomberg article.

      The proceeds will primarily go toward accelerating product development, enhancing the bank’s payment network and hiring more staff, the people said. The purchase of a stablecoin payments firm is planned for the first quarter in the Middle East or Europe, they said.

      Recently, Gulf Bank (SGB) appointed former Goldman Sachs executive Ali AlShamma as chief financial officer and ex-Sygnum executive Elaine Leong as chief operating officer. These two hires reinforce the mission of SGB to provide frictionless interaction between digital and traditional finance, said the digital bank.

      On launching in Bahrain Singapore Gulf Bank noted that it would provide a real-time settlement network, digital assets custody and intuitive trading solutions, all underpinned by robust AML/KYC measures. As per the announcement this would enable businesses to manage their finances flexibly, whether they are traditional or digital assets – facilitating their participation in the digital economy.

      Stablecoin usage has been growing in the Middle East and across the globe. Chainalysis in its recent MENA report noted that stablecoins and altcoins making gains across MENA particularly in Turkey, Saudi Arabia and the UAE. Turkey is number one in the world in stablecoin trading volume as a percentage of GDP, by a large margin. It’s important to note this measure is not saying that nearly 4% of Turkish GDP is stablecoins, but that stablecoin trading volumes on CEXs are equal to 4% of GDP in dollar equivalent terms, meaning crypto trading volumes could one day exceed a country’s measure of GDP.

      Stablecoins consistently represent the majority of crypto assets purchased with the Turkish Lira, approaching nearly $6 billion in purchases in March of this year. Stablecoin purchases with the Turkish Lira are closely correlated with inflation rates.

      Most recently the UAE Central Bank announced its stablecoin regulations as well.