UAE approves stablecoin; Bahrain debuts BTC-linked fund [Video]

As stablecoins become the lifeblood of the digital asset world and a critical bridge to traditional finance, more countries are seeing homegrown solutions that cater to the specific needs of their people. The latest is the United Arab Emirates, where the central bank granted approval for AED Stablecoin to issue the first-ever regulated stablecoin in the country.

Elsewhere in the Middle East, one of Bahrain’s largest banks has launched a BTC-linked product that claims to offer 100% protection against the digital asset’s price drops.

UAE’s first stablecoin

The UAE has become a digital asset haven in recent years. A Chainalysis report found that its digital asset sector grew 42% in the year ending June 2024, four times faster than the region’s average, to make it the third-largest market in the Middle East after Turkey and Saudi Arabia. This growth has bubbled into the country’s first stablecoin.

AED Stablecoin LLC announcedthis week that it had received …