Stablecoins

Ripple Labs Explores Dirham-Backed Stablecoin in UAE

Saturday. November 9 at 7:00 AM

1 min. read

Ripple Labs is reportedly considering launching a stablecoin backed by the dirham in the United Arab Emirates (UAE), expanding beyond its current US-dollar-backed stablecoin, RLUSD. Speculation arises from a recent blog post by Ripple on November 7, 2024, titled “UAE Stablecoin Regulation: A Blueprint for Financial Innovation,” indicating Ripple's interest in a dirham-backed stablecoin. The post discusses the UAE Central Bank's new regulatory framework to incorporate both dirham-backed and non-AED stablecoins into the country's financial systems. Ripple's involvement in the region is well-established, with the National Bank of Abu Dhabi using Ripple Payments for remittance solutions. The potential launch of a dirham-backed stablecoin aligns with the CBUAE's goal of promoting a regulated stablecoin environment. Tether has also expressed interest in the UAE stablecoin market. The UAE's regulatory approach differs from other global frameworks, allowing unlimited use of dirham-backed stablecoins for payments while restricting non-dirham stablecoins to virtual asset transactions.

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Montenegro Court Rejects Do Kwon's Extradition Appeal

Thursday. December 26 at 8:00 AM

Montenegro's Constitutional Court has denied an appeal by Do Kwon, co-founder of Terraform Labs, against his extradition. The unanimous decision removes a key legal obstacle in the extradition process, citing flaws in Kwon's appeal and upholding a previous ruling supporting extradition. The case now awaits a decision from Montenegro's justice minister on whether Kwon will be extradited to South Korea or the US. Reports suggest a higher chance of extradition to the US due to the justice ministry's stance. Both countries seek Kwon for his involvement in the collapse of Terraform Labs' crypto ecosystem, causing a $40 billion market wipeout in May 2022. Kwon's arrest in Montenegro in March 2023, along with a settlement with the SEC in June 2024, has raised concerns about his political connections in Montenegro and potential influence over the extradition process. The court's decision underscores the complexities of international legal cooperation in the crypto industry.

Stablecoins

Singapore Emerges as Leading Crypto Hub in Southeast Asia

Thursday. December 26 at 3:00 AM

Singapore is taking the lead in becoming a prominent crypto hub in Southeast Asia. In 2024, the country granted 13 different crypto licenses, more than double the previous year. Surpassing Hong Kong, Singapore's regulatory-friendly environment has attracted various crypto operators and major exchanges. This year, Singapore licensed well-known exchanges like OKX and Upbit, along with firms such as BitGo, GSR, and Anchorage. The city-state's flexible token listing and asset custody policies aim to draw in digital asset firms. Independent Reserve recently became the first crypto exchange in Singapore to list RLUSD, Ripple's USD-backed stablecoin. This move enhances cross-border liquidity solutions for clients, making global transactions faster and more cost-effective. Singapore's progressive regulatory framework contrasts with Hong Kong's slower licensing regime, which has hindered its appeal to crypto firms. China's strict crypto regulations also impact Hong Kong's aspirations to become a top crypto hub, while Singapore's supportive environment solidifies its position as an attractive long-term base for crypto businesses in the region.

Stablecoins

Decentralized Stablecoin Project Usual Attracts Major Venture Capital Interest

Tuesday. December 24 at 11:00 PM

As 2024 comes to an end, Usual (USUAL) is gaining attention from top venture capital firms after its listing on Binance Launchpool. The project, a decentralized stablecoin backed by Real-World Assets (RWA), recently secured additional funding from leading VCs, signaling strong investor confidence in Usual and the RWA sector. With its flagship stablecoin, USD0, supported by US Treasury Bills, Usual has completed a $10 million Series A funding round led by Binance Labs and Kraken Ventures, with participation from Coinbase Ventures and others. The project aims to innovate stablecoins and create an economy driven by community collaboration. The price of USUAL has risen by 26%, reaching $1.3, with a market capitalization exceeding $600 million. Usual's primary stablecoin, USD0, has seen significant growth, becoming the fastest-growing stablecoin in the past month amidst a competitive stablecoin market in 2024.

Stablecoins

SEC Settlement with Jump Crypto's Tai Mo Shan

Saturday. December 21 at 8:00 PM

Jump Crypto's subsidiary, Tai Mo Shan, has reached a $123 million settlement with the SEC for misleading investors about the TerraUSD stablecoin. Tai Mo Shan, a key player in Terra's ecosystem, was involved in deceptive practices during the UST depegging crisis. The SEC accused the firm of falsely stabilizing UST and acting as a statutory underwriter for Terra Luna token. This led to significant investor losses and market disruption. The settlement includes a payment of $123 million and a cease-and-desist order. This follows similar actions against Terraform and its founder for fraud and unregistered securities offerings. The incident highlights the importance of compliance with securities laws in the crypto market to protect investors. Tai Mo Shan did not admit or deny the SEC's findings but agreed to the terms to avoid future violations.

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