UAE Central Bank approves AE Coin, a stablecoin pegged to the dirham
The Central Bank of the United Arab Emirates (CBUAE) has provisionally approved the AED Stablecoin based on its regulatory framework for payment token services. The preliminary approval of the AED Stablecoin makes it the frontrunner as the first regulated issuer of a dirham-pegged stablecoin in the UAE. If fully approved, the AE Coin of the AED Stablecoin can be used as a local trading pair for cryptocurrencies on exchanges and decentralized platforms, as well as allowing merchants to accept it as payment for goods and services.
Scroll Co-founder: Binance will support Scroll on stablecoins in the near future
Sandy Peng, co-founder of Scroll, wrote that for Scroll, Binance is not only a listing platform, but also the best channel for us to reach global distribution. It will open up deposit and withdrawal channels and help us develop to the next stage, especially in emerging markets. Scroll ETH deposit and withdrawal functions are now available on Binance, and soon Binance will directly support stablecoins on Scroll. We will be the first zkRollup to receive this support. This has been a repeated request from developers in emerging markets, and we are doing our best to support them. We love and appreciate our community, but wider distribution will benefit everyone, so we can welcome more members to join us in the future.
Paxos’s Yield-Based Stablecoin USDL Launches on Arbitrum
Paxos International, a stablecoin issuer, announced that its United Arab Emirates subsidiary, Paxos International, has launched the income-based stablecoin Lift Dollar (USDL) on Arbitrum. USDL is a US dollar-backed stablecoin issued by Paxos International and regulated by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM).
Hong Kong Legislative Council Member Tam Yue-heng: Accelerate the issuance and trading of stablecoins that match the characteristics of the linked exchange rate system
Tan Yueheng, a member of the National Committee of the Chinese People's Political Consultative Conference and the Legislative Council, published an article entitled "Consolidating the Status of Financial Center and Sharing the Dividend of Deepening Reform". In it, he pointed out that in the field of digital finance, the SAR government must continue to develop digital finance and qualified virtual products, explore new beneficial financial formats, and promote the new productive forces of the financial industry. Hong Kong must promote the participation of financial technology companies in the stable coin sandbox mechanism, accelerate the issuance and trading of stable coins with the characteristics of matching linked exchange rate system, expand the testing scope and landing scenarios of digital RMB as a cross-border payment tool, and focus on developing products that are linked to virtual assets and underlying real assets, transforming art, real estate, equity, and carbon emissions into digital tokens through blockchain technology.
USDe market value increased by 7.36% this week
DefiLlama data shows that the total market value of stablecoins has increased by 0.45% in the past week, reaching 162.078 billion US dollars. In addition, the market value of USDe has increased by 7.36% in the past week, reaching 3.52 billion US dollars.
USDe supply exceeds 3.3 billion
According to Etherscan data, the supply of stablecoin USDe issued by Ethena Labs has exceeded 3.3 billion, held by 13,392 holders, and the number of transfers has reached 409,514.
Stablecoin minting protocol M^0 completes $35 million Series A financing, led by Bain Capital
Stablecoin minting protocol M^0 completed a Series A financing round of $35 million, led by Bain Capital with participation from Galaxy Ventures, Wintermute Ventures, and GSR. Previously, M^0 raised $22.5 million in seed funding led by Pantera Capital in early 2023.
Bitcoin and Stablecoins are a Threat to Weak Emerging Market Currencies
Bitcoin is changing the world. With change comes uncertainty and, for many, anxiety. It is natural to wonder what the future will look like, and also to worry about whether this change will be for the better or the worse. We are creatures of planning, of preparation, but more than anything, of adaptation.
Visa Analysis Finds Less Than 10% of Stablecoin Transactions Are Organic
According to a report by Bloomberg, an analysis co-developed by Visa has found that over 90% of stablecoin transaction volumes are not from genuine users. Out of $2.2 trillion in total transactions in April, only $149 billion came from "organic payments activity." The analysis removed transactions made by bots and large-scale traders to isolate those made by real people. Despite this, the analysis found a steady growth of monthly active stablecoin users, with 27.5 million monthly active users across all chains.
Stablecoin transaction volume rose to $1.1 trillion in April, a record high
According to data from The Block Pro, reported by Jinse Finance, the stablecoin on-chain transaction volume increased by 23.7% after the April adjustment, reaching a historical high of $1.1 trillion; the supply of stablecoins issued has also increased by 2.8% to reach $141.2 billion, with the market share of the US dollar stablecoin USDT increasing to 77.83%, while the market share of USDC has slightly decreased to 18.1%. However, the total on-chain transaction volume of Bitcoin and Ethereum after the April adjustment decreased by 30.5% to reach $408 billion, with the on-chain transaction volume of Bitcoin dropping by 30.85% and the on-chain transaction volume of Ethereum dropping by 30.2%.
