According to The National, FAB — the largest bank in the UAE — will issue the stablecoin on the ADI network pending approval from the central bank. The ADI network is a project of the ADI Foundation in Abu Dhabi, which itself is a nonprofit organization founded by Sirius International Holding, a local holding firm with a $243 billion market capitalization. The firms claim that the stablecoin will “have a significant impact on various industries, including finance, commerce, and trade.”Related: Stablecoin adoption grows with new US bills, Japan’s open approachVisa, SBI and Mastercard add more stablecoin support New stablecoin issuances are picking up the pace, and payments firms, banks and financial institutions are adding support for them as well.
Tether to relaunch in the USStablecoin giant Tether is eyeing a relaunch in the US with a dollar-based stablecoin. Tether’s USDt (USDT) is already known worldwide as the largest stablecoin on the market, providing liquidity to crypto trading pairs on numerous exchanges. However, Tether has found itself in hot water with regulators over proof of its reserves, other financial transparency and Anti-Money Laundering concerns. In an April 30 interview with CNBC, Tether CEO Paolo Ardoino announced that the firm wants to launch a rebranded coin in the US, separate from its ubiquitous international stablecoin.“A domestic stablecoin would be different from the international stablecoin,” he said.
On April 28, international payments giant Mastercard partnered with OKX to expand its stablecoin card options, which allow cardholders to spend stablecoins through their Mastercard linked with prominent crypto firms. Two days later, Visa announced that it partnered with Stripe and Bridge on April 30 to offer stablecoin payments on its network in Latin America, starting with Argentina, Colombia, Ecuador, Mexico, Peru and Chile.
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