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Bloomberg: The adoption of stablecoins in the Middle East has surged, with several local companies optimistic and entering the field

ChainCatcher news, Raafi Hossain, co-founder and CEO of the Middle Eastern fintech company Fasset, which intends to enter the stablecoin space, introduced several examples of customers using stablecoins, including the sale of a $8 million Dubai property, a Tanzanian buyer purchasing Indonesian cooking oil, renting a villa on Palm Jumeirah for $100,000, and private yacht rentals. Fasset is a Dubai-based "super app" focused on markets from Morocco to Malaysia.Dubai's Careem Networks FZ LLC, which provides taxi, food, and financial services, and Abu Dhabi's Astra Tech, which operates the communication app Botim, are also exploring the launch of payment tools supported by stablecoins.Hossain stated that stablecoins provide users with a way to "bypass geographical and institutional barriers to efficiently and quickly execute high-value transactions."Careem Pay Vice President Mohammad El Saadi mentioned that the technology "has the potential to reduce costs, speed up processing times, and improve working capital management for cross-border transfers." The company has opened 8 new fiat payment channels in the UAE over the past 11 months.Meanwhile, Astra Tech's Vice President of Products Rishabh Singh stated that Botim has been experimenting with the AE Coin, which is pegged to the dirham and has been approved by the Central Bank of the UAE.According to data from DeFi Llama, the total market capitalization of all circulating stablecoins has grown from less than $140 billion at the end of 2023 to over $200 billion today.So far, the dominant stablecoin is USDT, whose issuer, Tether Holdings Ltd., recently stated that it expects to achieve over $10 billion in net profit in 2024. According to CoinGecko, the total circulating supply of USDT is close to $140 billion.The use of USDT is concentrated in the Europe, Middle East, and Africa time zones, particularly in the Middle East. (Bloomberg)

Analysis: The next wave of corporate Bitcoin adoption is about to arrive

ChainCatcher news, according to CoinDesk, as interest in digital assets continues to grow, the corporate adoption of Bitcoin seems to be entering a new phase, with several publicly traded companies following MicroStrategy's lead by incorporating Bitcoin into their balance sheets.In 2024, multiple companies began to emulate and adopt Bitcoin financial strategies, such as Metaplanet (3350), Semler Scientific (SMLR), and MARA Holdings (MARA). The first company in the second wave is KULR Technology Group (KULR), which is listed on the NYSE.As of January 7, it seems that some publicly listed companies have announced Bitcoin financial strategies but have not yet made any Bitcoin purchases. First is Acurx Pharmaceuticals (ACXP), listed on NASDAQ. Its board approved a Bitcoin purchase plan of up to $1 million on November 20. Since November 19, its stock price has dropped by 35%, but it has risen by 30% year-to-date.Similarly, NASDAQ-listed Hoth Therapeutics (HOTH) also had its board approve a $1 million Bitcoin purchase plan on November 20, but it has not completed the purchase. However, since November 19, its stock price has increased by 2%.The third company is NASDAQ-listed LQR House (YHC). The company announced on November 19 that it would accept cryptocurrency payments and retain up to $10 million in Bitcoin payment funds through policy. To date, its stock price has risen by 56% since November 19.The last one is NYSE-listed SOS Limited (SOS), which approved a $50 million Bitcoin purchase plan on November 27. At the time of the announcement, the price of Bitcoin was $93,000 each. Since November 19, its stock price has dropped by 30%.
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