Stablecoins continue to meet global demand, UAE banks enable crypto trading, and major developments in the crypto business landscape are underway.
Points
- Stablecoin demand surges, especially in emerging economies.
- UAE residents can now trade crypto directly through their bank accounts.
- Tether reports record profits, Polymarket surpasses $1 billion in betting volume.
- Coinbase partners with DigitalX for a new Bitcoin ETF in Australia.
Stablecoins have seen significant global demand, especially in emerging economies. According to BVNK and the Centre for Economics and Business Research, businesses and consumers in 17 countries are willing to pay an average premium of 4.7% to access USD-pegged stablecoins. In Argentina, this premium rises to 30%. By 2027, these countries are expected to spend $25.4 billion in premiums for stablecoin access.
The report also highlights inefficiencies in current cross-border payment systems, trapping $11.6 billion in working capital due to settlement delays. Stablecoins are projected to facilitate $2.8 trillion in cross-border payments by the end of the year.
In the UAE, crypto exchange M2 announced that residents can now trade Bitcoin and Ether directly using their bank accounts. This integration allows for the direct conversion of dirhams into BTC and ETH, providing a seamless trading experience regulated by the UAE government.
Tether reported record profits of $5.2 billion for the first half of 2024, with an increase in its US Treasury holdings to $97.6 billion. Meanwhile, decentralized prediction platform Polymarket surpassed $1 billion in betting volume amid the US presidential election hype.
Coinbase has partnered with DigitalX to provide custody for a new spot Bitcoin ETF in Australia. This partnership further solidifies Coinbase’s position in the crypto ETF market, offering advanced trading execution services through Coinbase Prime.
解説
- The rising demand for stablecoins in emerging economies highlights their critical role in providing financial stability and efficient cross-border transactions.
- The integration of crypto trading with UAE banks signifies a growing acceptance of cryptocurrencies in traditional finance, enhancing accessibility for residents.
- Tether’s record profits and increased Treasury holdings reflect its dominant position in the stablecoin market and commitment to financial transparency.
- Polymarket’s surge in betting volume demonstrates the increasing interest in decentralized prediction markets, especially during significant political events.
- Coinbase’s partnership with DigitalX for a new Bitcoin ETF underscores the expansion of crypto investment products, offering secure and regulated options for investors.