This week’s Crypto Biz highlights the surge in stablecoins, crypto trading opportunities via UAE banks, Tether’s record profits, and other significant developments in the crypto market.
Points
- Stablecoin market cap projected to grow from $160 billion to $1 trillion in the coming years.
- Stablecoin payment volumes expected to reach $15 trillion by 2030.
- Tether reports a record-breaking $5.2 billion profit in the first half of 2024.
- UAE residents can now trade crypto directly with their bank accounts.
- Polymarket tops $1 billion in betting volume amid US election hype.
Stablecoin Market Expansion
According to BVNK co-founder Chris Harmse, the stablecoin market cap is expected to grow from $160 billion to $1 trillion in the next few years. Stablecoin payment volumes could reach $15 trillion by 2030, highlighting their increasing role in cross-border payments and financial transactions.
Tether’s Record Profits
Tether, a major player in the stablecoin market, reported a record-breaking $5.2 billion profit in the first half of 2024. This profit underscores Tether’s dominant position and the growing demand for stablecoins as a secure store of value and medium of exchange.
UAE Crypto Trading Integration
Residents of the United Arab Emirates can now trade cryptocurrencies directly with their bank accounts, thanks to new regulatory frameworks. This integration is expected to facilitate quicker market adaptation and enhance the region’s crypto trading environment.
Polymarket’s Growth Amid US Elections
Polymarket, a decentralized prediction market platform, has topped $1 billion in betting volume amid the US election season. The platform recently closed a $70 million Series B funding round led by Founders Fund and has onboarded MoonPay to expand its payment options.
Coinbase’s Custody Services
Coinbase has become the custody provider for DigitalX’s new Australian Bitcoin ETF and other Ether ETFs in the United States. This partnership reinforces Coinbase’s position as a leading custody provider in the crypto space.
Conclusion
This week’s Crypto Biz highlights significant developments in the stablecoin market, crypto trading integration in the UAE, Tether’s record profits, and Polymarket’s growth. These trends underscore the expanding influence of cryptocurrencies and the evolving financial landscape.
解説
- Stablecoin: A type of cryptocurrency designed to maintain a stable value by being pegged to a reserve asset such as a fiat currency or a basket of assets.
- Cross-Border Payments: Transactions where the payer and the recipient are in different countries, often involving multiple currencies and higher fees.
- Custody Provider: An entity that holds and secures financial assets on behalf of clients, often providing additional services such as asset management and security measures.
- Prediction Market Platform: A marketplace where participants can trade contracts based on the outcomes of uncertain future events, such as elections or sports events.
These explanations provide context for the significant developments in the
crypto market and highlight the potential impact of these trends on the broader financial landscape.