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In a major advance for the adoption of stablecoins in the financial sector, the Dubai International Financial Centre (DIFC) has officially recognized USDC and EURC as the first regulated stablecoins within its legal framework. This recognition marks a key milestone for Circle as it asserts itself against its direct competitor, Tether’s USDT. The DIFC, the main financial hub of the Middle East, is integrating Circle’s stablecoins into its innovative regulatory framework, designed to meet the growing demands of businesses and institutions seeking secure and compliant digital solutions. This decision strengthens Dubai’s position as a global leader in crypto adoption and blockchain technologies. Furthermore, USDC and EURC are fully backed by reserves of fiat currency and are regularly audited, ensuring increased transparency and stability. Thanks to this recognition , companies operating within the DIFC will be able to use these cryptocurrencies for various financial transactions, including payments, settlement of digital assets, and decentralized financial services (DeFi). Jeremy Allaire, CEO of Circle, hailed this initiative as a significant advancement for the global adoption of digital currencies. He emphasized that this recognition paves the way for broader use of stablecoins in regulated jurisdictions, thus enhancing their credibility and role in the global digital economy. Moreover, Ryan Lee, chief analyst at Bitget, thinks the same: This decision strengthens confidence in stablecoins amidst regional volatility, boosts Circle’s competitive position against Tether’s USDT dominance, and could reshape the $157 billion stablecoin market by legitimizing USDC and EURC for broader use. Additionally, this announcement fits into a broader context of crypto adoption in the United Arab Emirates, where financial authorities are striving to establish a clear and innovation-friendly regulatory framework. By integrating USDC and EURC, the DIFC reaffirms its commitment to attracting fintech and blockchain companies by providing a compliant and secure environment. This recognition of USDC and EURC stablecoins by the DIFC in Dubai thus marks a major advancement for the adoption of digital currencies in a regulated framework. It strengthens Dubai’s position as an innovative financial hub and opens new opportunities for the integration of cryptocurrencies into the global economy.

Chainlink, Hyperlane and Velodrome launch Super USDT for OP Superchain Chainlink, Hyperlane and Velodrome have teamed up to launch Super USDT, an interoperable USDT stablecoin for the OP Superchain ecosystem, according to Crypto Briefing. Secured by Chainlink CCIP and powered by Hyperlane for cross-chain transfers, Super USDT aims to solve liquidity fragmentation by providing a unified, cost-effective stablecoin solution. It is currently available on eight chains, including Base, Fraxtal, Lisk, Metal, Mode, Optimism, Soneium and Unichain, with Celo as the hub chain.

The plan by Hong Kong Asia Holdings to expand its Bitcoin reserves has piqued market interest. After originally showing an unexpected rise in its stock price following its first acquisition, the company has just been authorized to purchase more Bitcoin. Behind this audacious action, though, the Hong Kong government is simultaneously developing a new plan to turn the city into a worldwide virtual asset hub. 💥BREAKING: Hong Kong Asia Holdings just got approval to buy more Bitcoin for its balance sheet! ASIA IS BULLISH ON #BITCOIN 🚀 pic.twitter.com/1otVu0SEE2 — Crypto Rover (@rovercrc) February 23, 2025 The board of directors of Hong Kong Asia Holdings has at last approved increased Bitcoin investment. Using internal funds valued at HK$5.9369 million, the corporation recently bought about 7.88 BTC. Their total Bitcoin holdings now stand at 8.89 coins thanks to this transaction; their average cost per Bitcoin is roughly HK$756,200. Originally, the first acquisition of one Bitcoin on February 16 instantly raised the stock price of the company by approximately 93%. In a few days, It is logical that market players are closely observing this next phase with tremendous excitement. Still, the choice to keep accumulating Bitcoin is not only about normal investment. This underscores a growing trend in Hong Kong, where businesses are beginning to see digital assets as a component of their long-term financial plan. On the other hand, the government of Hong Kong is not just sitting around. According to CNF , the city has presented a fresh road map to help it to remain a worldwide virtual asset hub. This phase covers several facets, including staking services, tighter licensing rules, and growing the digital trading environment. Under this approach, Hong Kong intends to grow derivatives trading services, OTC (over-the-counter), digital asset custody, and crypto asset financing. Attracting additional global liquidity and persuading institutional investors that Hong Kong is a safe and reliable location for their digital investments are obviously the main objectives. This action also fits the growing local businesses’ curiosity in Bitcoin and other cryptocurrencies. More companies may follow in the footsteps of Hong Kong Asia Holdings with better rules and government backing. Regarding digital asset rules, the Hong Kong government is well recognized to be rather proactive. Looking prepared to challenge other digital asset hubs like Singapore and Dubai, the city seems set with a new agenda including a spectrum of crypto-based financial services. Regulating changes, meanwhile, also provides certain difficulties. Not all market actors can react as fast as restrictions get stricter. The new criteria might overwhelm some companies, particularly those used to operating in a more free environment. For larger companies like Hong Kong Asia Holdings, though, this legislation might really be a benefit. More institutions may join the market if more rules help to lower the uncertainty risk. Given more companies beginning to buy Bitcoin, one wonders whether this will develop into a new trend in Hong Kong. Should the government be successful in transforming the city into a virtual asset hub, we could observe increasing public corporations, including Bitcoin, on their balance sheets.

Standard Chartered Bank Hong Kong (SCBHK), Animoca Brands, and Hong Kong Telecommunications (HKT) have partnered to establish a joint venture (JV) focused on issuing a Hong Kong dollar-backed stablecoin. The JV intends to apply for a license under the Hong Kong Monetary Authority’s (HKMA) new regulatory framework. HKD-Backed Stablecoin According to the official press release, SCBHK, Animoca Brands, and HKT have engaged in HKMA’s stablecoin issuer sandbox since July 2024. The trio has been assessing how stablecoins can facilitate financial market development and payments by connecting Web3 and traditional finance. The partnership is in line with Hong Kong’s ambition to strengthen its role as a global digital assets hub. By leveraging expertise across banking, telecommunications, and blockchain, the JV aims to create a secure and regulatory-compliant stablecoin framework. The initiative aligns with the city-state’s broader strategy to boost digital finance adoption while ensuring compliance with evolving regulatory requirements. In an official statement, Bill Winters, Group Chief Executive of Standard Chartered, said, “Digital assets are here to stay and the development of different forms of tokenized money is integral to the advancement of this industry. That is why we are actively involved in various Central Bank Digital Currencies, tokenized deposits, and, of course, stablecoins projects. We are introducing solutions and instruments that service this market and meet the growing client demand. As public chain instruments with proven use cases, stablecoins play a critical role in the overall digital asset ecosystem.” Hong Kong Eyes Bitcoin as a Strategic Asset Besides the ambitious stablecoin initiative, Hong Kong is also considering adding Bitcoin (BTC) to its fiscal reserves as a hedge against inflation and a store of value. Wu Jiexhuang, a Hong Kong legislative council member, recently proposed using foreign exchange funds to acquire Bitcoin, citing potential benefits such as attracting talent, boosting the local crypto industry, and increasing tax revenue. He said that leveraging China’s “one country, two systems” framework, adding Bitcoin to Hong Kong’s reserves could give the region an early advantage and help mitigate economic instability from its wider adoption in traditional financial markets. The post Standard Chartered, Animoca, and HKT to Develop HKD-Pegged Stablecoin appeared first on CryptoPotato.

Germany’s upcoming federal election on February 23, 2025, could mark a turning point in the nation’s approach to cryptocurrency and financial innovation. Friedrich Merz, leader of the center-right Christian Democratic Union (CDU), leads the race with a pro-business and innovation-driven platform. His main rival, Alice Weidel of the far-right Alternative for Germany (AfD), advocates for aggressive crypto reforms and full deregulation of digital assets. With Germany’s influential role in European financial policy, the election’s outcome may shape the country’s stance on digital currencies and financial innovation. Friedrich Merz has built his campaign on promises of economic revitalization, pro-business policies, and financial reform. Before entering politics, Merz held prominent financial roles, including chairman of BlackRock Germany’s supervisory board and senior positions at HSBC Trinkaus & Burkhardt. He also served on the boards of Deutsche Börse, EY Germany, and Borussia Dortmund, reinforcing his financial expertise. To address Germany’s economic stagnation, Merz proposes cutting corporate and income taxes, reducing bureaucratic red tape, and expanding venture capital opportunities to establish Germany as a global startup hub. His platform includes creating a ministerial position for artificial intelligence and digitization, aligning with global trends toward technological innovation. While Merz is not an outspoken crypto advocate, his economic policies could indirectly benefit the digital asset industry. His administration would likely support the introduction of a digital euro, but only if it proves beneficial. A recent survey from Germany’s central bank revealed that half of Germans would “definitely” or “probably” use a digital euro, highlighting growing public interest in central bank digital currencies (CBDCs). Merz aims to balance innovation with regulation, maintaining financial stability while encouraging technological growth. Alice Weidel, leader of the AfD, has taken a far more aggressive stance on cryptocurrency and financial reform. Her platform calls for full deregulation of Bitcoin and other digital assets, promoting a decentralized financial system with minimal government oversight. Endorsed by Elon Musk, Weidel’s proposals include Germany’s exit from the euro—an idea that has sparked significant debate within the financial community. Though trailing in the polls, Weidel’s strong pro-crypto rhetoric has resonated with segments of the digital asset community. Her policies, if implemented, would position Germany as one of the most crypto-friendly regulatory environments globally. As reported by CNF, AfD’s push for extensive crypto deregulation stands out in this election, setting the stage for a potential overhaul of Germany’s digital finance laws. Weidel’s radical proposals represent a stark contrast to Merz’s cautious, business-driven approach. Her vision prioritizes financial autonomy and deregulation, which, while appealing to crypto advocates, raises concerns about market volatility and EU relations. As Europe’s largest economy, Germany’s financial policies carry significant weight within the European Union. A Merz-led government would likely pursue a balanced approach, focusing on reducing bureaucracy while cautiously embracing digital innovation. His plans include strengthening the European Capital Markets Union and positioning Germany as a leader in venture capital and startups through tax incentives. Merz’s platform also emphasizes combating financial crime, with proposals to create a customs police force targeting money laundering and financial misconduct. This regulatory focus suggests that, while supportive of financial innovation, Merz would prioritize oversight and market stability. Conversely, Weidel’s approach signals a radical departure from traditional policies. Her aggressive push for crypto deregulation challenges the CDU’s measured stance and could disrupt Germany’s economic alignment with the EU. As discussed earlier by CNF, the president of the Deutsche Bundesbank, Joachim Nagelt, has expressed skepticism toward cryptocurrencies. Speaking at an OMFIF lecture in association with the London School of Economics, Nagel dismissed the idea of Bitcoin as a reserve asset and warned of the uncertain impact of CBDCs on economic policy. Despite this, the Bundesbank remains a strong proponent of the digital euro.