Stablecoins are close to a nation-wide launch in the UAE with a strategy that could upend how residents and banks transact here on out.
While digital currencies are not as ubiquitous as physical money or traditional banking services, authorities are laying the groundwork to increase their adoption with their implementation of the strategy expected this year.
"Utility will drive stablecoin adoption ... clear regulation and compliance are fundamental to all financial services and are as important to blockchain adoption," Reece Merrick, managing director for Middle East and Africa at crypto company Ripple, told The National.
"The jurisdictions that are working to create regulatory clarity around digital assets are the ones that will see greater investment and institutional adoption, driving real-world utility."