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cointelegraph.com Mar 24, 2025 21:53

Abu Dhabi’s financial free zone signs MoU with Chainlink for tokenization frameworks - Abu Dhabi Global Market (ADGM), a financial zone with over $635 billion in assets under management, signed a Memorandum of Understanding (MoU) with Chainlink in a move to connect the world of traditional finance with blockchain data.The agreement will allow ADGM to use Chainlink’s suite of tools, such as data feeds and interoperability technology, ADGM said in a March 24 announcement. The partnership also aims to encourage further discussion around blockchain, artificial intelligence, and other emerging technologies in the region.ADGM, which opened in 2015, is in the United Arab Emirates’ financial free zone. It operates under its own civil and commercial legal system, based on English Common Law. Designed to bolster Abu Dhabi’s status as a financial hub, ADGM plays a central role in attracting global firms and expanding the city’s financial services sector.By the end of 2024, ADGM hosted 134 asset and fund managers overseeing 166 funds. The total number of financial institutions operating within its jurisdiction rose to 275, with 79 new firms, including prominent names such as BlackRock, PGIM, and Morgan Stanley.Related: What is Chainlink, and how does it work?UAE sees rising crypto adoptionMultiple metrics show that cryptocurrency adoption in the UAE is rising, aided by government openness to the emerging technology. The country saw a 41% increase in crypto app downloads in 2024 from 2023, and it ranked third out of 28 countries in the Henley Crypto Adoption Index 2024.Abu Dhabi in particular has been a hot spot for crypto firms. In December 2024, the ADGM Financial Services Regulatory Authority officially recognized Tether’s USDT (USDT) stablecoin as an accepted virtual asset, paving the way for the cryptocurrency’s integration into the local financial ecosystem.On March 12, Binance announced that MGX, an Abu Dhabi-based investment firm, had invested $2 billion into the exchange, one of the largest funding deals in the industry’s history.Dubai, another Emirate in the UAE, has also shown itself open to cryptocurrency businesses. In February, Dubai approved USDC (USDC) and EURC as the first two stablecoins under its regime.Magazine: X Hall of Flame: ChainLinkGod was in High School when he started the account! 

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cointelegraph.com Mar 25, 2025 01:10

USDC stablecoin receives approval for use in Japan, says Circle - Circle said it will officially launch its stablecoin in Japan on March 26 after one of its local partners received regulatory approval to list the US dollar stablecoin three weeks ago.USDC (USDC) will first be listed on the “SBI VC Trade” crypto exchange under a joint venture between its parent firm — Japanese financial conglomerate SBI Holdings — and Circle’s Japanese entity Circle Japan KK, Circle said in a March 24 statement.The news comes three weeks after SBI VC Trade secured an industry-first regulatory approval on March 4 to list USDC under the Japan Financial Services Agency’s stablecoin regulatory framework.Circle is also looking to list USDC on Binance Japan, bitbank, and bitFlyer in the near future.Japan’s bitbank and bitFlyer are two of the country’s largest crypto exchanges — having processed more than $25 million each over the last day with over 1.85 million visits to their websites in the last month.The regulatory approval comes after two years of back-and-forth negotiations with regulators, banking partners, and industry players, Circle’s Jeremy Allaire said in a March 24 X post.“[This] unlocks tremendous opportunities not just in trading digital assets, but more broadly in payments, cross border finance and commerce, FX,” he added.Source: Jeremy AllaireSBI Holdings CEO and president Yoshitaka Kitao said the USDC launch would enhance financial accessibility and drive crypto innovation in Japan’s evolving digital economy.“[This aligns] with our broader vision for the future of payments and blockchain-based finance in Japan.”Related: Gold-backed stablecoins will outcompete USD stablecoins — Max KeiserMeanwhile, USDC and Circle’s euro-backed EURC (EURC) stablecoin were recognized as the first stablecoins under the Dubai Financial Services Authority’s new regime on Feb. 24.The recognition allows companies operating in the Dubai International Financial Centre — a free economic zone — to integrate the two stablecoins into a range of digital asset applications, including payments, treasury management and services.USDC remains the second largest stablecoin by market cap at $59.7 billion, trailing only Tether’s USDT at $143.8 billion, CoinGecko data shows.Magazine: SEC’s U-turn on crypto leaves key questions unanswered

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