Stablecoin Weekly Report: Beyond the Dollar – The Globalization of Stablecoins and Integration with AI
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Stablecoin Weekly Report: Beyond the Dollar – The Globalization of Stablecoins and Integration with AI
Tether's ambition and the last mile of AI payments.
Navigating Web3 tides with focused insightsAuthor: Cobo
Global payments are undergoing a transformation, and stablecoins are at the heart of this revolution. They are not only reshaping cross-border transactions but redefining the future of payments.
Cobo is at the forefront of this shift, building next-generation stablecoin payment solutions—a full-stack stablecoin infrastructure covering wallet infrastructure, risk control and compliance, and yield-generating financial products.
By choosing Cobo, entrepreneurs can focus on product innovation and user growth, quickly riding the wave of financial innovation powered by stablecoins.
Welcome to Stablecoin Weekly No.6. This edition features two key themes worth highlighting:
First, giants like Tether, Stripe, and Visa are fiercely competing in emerging markets, sparking a battle over the technology stack for "digital dollar" circulation and application.
Second, AI's autonomous transaction capabilities are pushing payment infrastructure to evolve. Stablecoins, with their permissionless, high-frequency, low-value characteristics, have unexpectedly become the preferred rail for AI-native payments. From Visa and Mastercard’s “Intelligent Commerce” and “Agent Pay,” to Coinbase’s x402 protocol, and Stripe’s comprehensive AI payment infrastructure unveiled at its 2025 launch—including a payment foundation model, Dashboard AI agent, and programmable financial tools—all point to the same future: programmable payments and stablecoins will be the final mile enabling AI to complete commercial loops.
A bridge tailored for AI is being built between traditional finance and on-chain payments. The future of payments is being shaped jointly by stablecoins and AI.
Market Overview & Growth Highlights
Total stablecoin market cap reached $242.694B (242.6 billion USD), up $2.35B (2.35 billion USD) week-on-week. In terms of market share, USDT maintains dominance at 61.73%; USDC ranks second with a market cap of $61.76B (61.76 billion USD), accounting for 25.47%.
Growth Highlights
Top 3 fastest-growing stablecoins this week:
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World Liberty Financial USD (USD1): +$1.4B (+193%)
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BlackRock USD (BUIDL): +$332.2M (+13.14%)
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Ondo US Dollar Yield (USDY): +$43.95M (+7.36%)
Blockchain Network Distribution
Top 3 networks by stablecoin market cap:
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Ethereum: $124.48B (124.48 billion USD)
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Tron: $71.95B (71.95 billion USD)
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Solana: $13.08B (13.08 billion USD)
Top 3 fastest-growing networks this week:
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BSC: +17.72% (USDT share: 55.99%)
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Sonic: +11.11% (USDC share: 81.47%)
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Optimism: +8.41% (USDC share: 41.80%)
Data from defillama
Focus Insights
🎯 The real battlefield for stablecoins isn't in Silicon Valley
Tether earned $14 billion last year—more than Pfizer, Tesla, and BlackRock. Even more surprising? It did so with almost no advertising, relying instead on a product most people overlook: the USDT stablecoin. With a circulating supply of $147 billion, USDT has become the world’s most widely used stablecoin, far outpacing competitors.
Behind Tether’s success lies an elegant and efficient innovation in “dollar distribution logic.” By issuing USDT and investing cash reserves into U.S. Treasuries, Tether has become the seventh-largest holder of U.S. debt. This model drives global “digital dollar” circulation—especially in countries like Argentina, Turkey, and Nigeria, where local currencies are rapidly depreciating. In these regions, USDT has become the go-to channel for bypassing local financial systems and gaining exposure to dollar-denominated assets.
But Tether’s ambitions extend far beyond stablecoins. As the issuer of the world’s most widely used stablecoin, Tether recently launched Tether.AI, a decentralized network natively supporting USDT and Bitcoin payments. Tether has also expanded into P2P communication (Keet), asset tokenization (Hadron), and even brain-computer interface infrastructure. Tether is betting on foundational needs for decentralized digital services globally—particularly in regions with weak traditional financial systems.
Yet this pie isn’t just for Tether. Stripe is testing a stablecoin payment product focused on markets outside the U.S., U.K., and Europe. Through its acquisition of Bridge, Stripe gained core cross-border payment capabilities, targeting emerging markets’ urgent need for fast, low-cost payment solutions.
Meanwhile, Visa, in partnership with Bridge, has launched stablecoin-backed payment cards across six Latin American countries: Argentina, Colombia, Peru, and others. Consumers can spend their crypto, while merchants settle in local fiat. This removes the final barrier to “everyday crypto payments,” integrating stablecoins into daily spending.
Stablecoins are accelerating as practical financial tools in emerging markets. And the competition around this tech stack has only just begun.
🎯 Payments are AI’s final puzzle piece; stablecoins are the last mile
Why are multi-billion-dollar payment networks rebuilding their infrastructure—not for humans, but for AI agents? Because money is about to transact without human involvement.
AI can already browse the web, write emails, and even negotiate car purchases—but it still cannot pay without direct human intervention. This limitation is stifling autonomous AI’s potential. Solving it is the endgame for tech giants racing to close the consumer loop.
Visa’s "Intelligent Commerce" and Mastercard’s "Agent Pay" aren’t marketing gimmicks—they represent a fundamental restructuring of financial infrastructure, allowing algorithms to participate directly in commerce. OpenAI, Amazon, and Perplexity are moving AI from “recommending” to “executing,” gradually closing the consumption loop.
Fascinatingly, stablecoins weren’t designed for AI—but their traits align perfectly with AI’s needs. Cryptocurrencies, with their no-KYC, high-frequency, low-value, automated transaction capabilities, have become the “native rails” for AI payments. Coinbase’s x402 protocol takes this further, turning HTTP status codes (like “402 Payment Required”) into payment interfaces, enabling AI to use stablecoins to pay for API services on demand—making money flow as freely as data.
Stripe is “AI-fying” the entire financial stack, launching a payment foundation model, Dashboard AI agent, and programmable financial tools. Simultaneously, through acquisitions like Bridge and partnerships with Ramp, it’s bridging traditional finance and on-chain payments.
Payments are becoming the key to unlocking AI’s potential—and stablecoins are at the core of that puzzle.
New Launches
👀 Coinbase launches x402 protocol, reviving HTTP payments for AI autonomy
Key Takeaways
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Coinbase launches open-source x402 payment protocol, transforming HTTP “402 Payment Required” status code into a real payment layer, enabling AI or clients to automatically pay for API requests using stablecoins like USDC.
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x402 supports pay-per-use models, replacing traditional API keys and subscriptions, lowering entry barriers and enabling AI agents to access external context, content, and services with less friction.
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Content creators, API providers, and context platforms can leverage x402 to build new on-chain business models—no intermediaries, no chargebacks, instant settlement. Coinbase also offers an x402 Facilitator service for compliance and integration support.
Why it matters
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x402 enables native payment interactions at the internet layer for the first time, potentially becoming the “pay-to-access” infrastructure for the AI economy.
👀 Mastercard launches Agent Pay—payments now have “intent”
Key Takeaways
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Mastercard officially unveils Agent Pay, ushering in the era of AI agents. Instead of clicking “confirm payment,” wallets will soon “pay on your behalf” at the right moment—payments shifting from human-initiated to agent-executed.
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The core mechanism is “Agentic Tokens,” which assign identity, permissions, and traceability to each authorized transaction, ensuring security and control. Processors like Braintree and Checkout.com are already onboarded; enterprises can use IBM Watson to automate procurement and cross-border payments.
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This marks a fundamental shift: payments evolving from passive tools to active agents, from backend infrastructure to front-line decision executors. Payments now gain “intent”—wallets will “know” when to pay, rather than wait for human confirmation.
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This fusion of “programmable money + AI logic” is ideal for on-chain payments—AI-driven decisions that are verifiable and settleable on-chain.
👀 Visa partners with Bridge to launch stablecoin-backed cards, initially covering six countries
Key Takeaways
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Visa and blockchain payments firm Bridge announce strategic partnership to enable developers to issue Visa cards backed by stablecoins
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Service launches first in six Latin American countries: Argentina, Colombia, Ecuador, Mexico, Peru, and Chile, allowing consumers to use stablecoins for everyday payments
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Merchants can choose to settle in local fiat, simplifying crypto payment acceptance while maintaining traditional revenue flows
Why it matters
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This collaboration accelerates the integration of stablecoins with traditional payment infrastructure. Visa’s move signals mainstream payment giants are actively expanding into digital assets, particularly focusing on stablecoin use cases in emerging markets.
👀 Playtron launches Game Dollar programmable stablecoin, set to power SuiPlay handheld console
Key Takeaways
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Game OS developer Playtron, in collaboration with M0 and Bridge, announces Game Dollar—a programmable stablecoin designed specifically for gaming ecosystems
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The stablecoin will be used for in-game purchases, subscriptions, and rewards, expected to serve as the payment backbone for the upcoming SuiPlay handheld gaming device
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This integration combines stablecoin tech with gaming platforms, aiming to create seamless payment experiences and blur the lines between gaming and finance
Why it matters
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Game Dollar represents innovative use of stablecoins in niche applications. Gaming, as a key Web3 adoption area, could see dedicated stablecoins transform in-game economies and accelerate mainstream adoption of blockchain games.
👀 Januar launches USD accounts: opening new gateway for crypto firms to access traditional finance
Key Takeaways
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Januar’s USD account service adopts a “reverse strategy”—unlike most projects migrating from fiat to crypto, Januar bridges native crypto companies into the traditional USD payment system
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The service provides crypto-native businesses with named USD SWIFT accounts, enabling compliant participation in the global banking system and resolving legal hurdles in interfacing with traditional institutions
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Positioned as a middleware between crypto and traditional finance, Januar allows crypto firms to maintain digital asset operations while handling fiat transactions via regulated channels, avoiding exclusion from the banking system due to regulatory issues
Why it matters
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This service addresses the compliance challenges crypto firms face in accessing banking services, reflecting a new trend of convergence between crypto and traditional finance, offering digital asset companies more robust financial infrastructure.
👀 Tether, issuer of USDT, enters AI space with Tether.AI enabling crypto payments
Key Takeaways
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Tether, the world’s largest USDT issuer, officially enters the $25 billion crypto-AI sector. CEO Paolo Ardoino announces the launch of Tether.AI platform
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The platform is described as a fully open-source AI execution environment with no central point of failure, natively supporting USDT and Bitcoin payments, integrated with P2P chat platform Keet
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Tether.AI plans to build a censorship-resistant P2P network of billions of AI Agents, though technical details and launch timeline remain undisclosed
Why it matters
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As a stablecoin issuer with a market cap exceeding $100 billion, Tether’s entry into AI could provide new infrastructure for crypto-AI convergence, fostering deeper integration between AI and crypto payment systems.
👀 BitGo launches Stablecoin-as-a-Service, offering one-stop issuance support for institutions
Key Takeaways
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Digital asset custodian BitGo launches “Stablecoin-as-a-Service” platform, integrating secure custody, reserve management, compliance, and tokenization into one suite
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Designed for financial institutions, fintech firms, and government bodies, the service enables issuance of fully 1:1 asset-backed, transparent, compliant stablecoins
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BitGo emphasizes that while stablecoins are transforming finance, building secure, scalable systems is complex. Their all-in-one solution aims to lower entry barriers
Why it matters
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As stablecoin use cases expand, BitGo’s turnkey solution could reduce technical and compliance hurdles for traditional institutions, accelerating institutional-grade stablecoin projects and driving stablecoin adoption beyond crypto into mainstream finance.
👀 Rain joins Visa’s stablecoin settlement pilot, enabling 24/7 cross-border USDC transactions
Key Takeaways
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Rain, a stablecoin payment card issuer, joins Visa’s stablecoin settlement pilot program, fully tokenizing its Visa cards and switching settlement to USDC
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This allows Rain to settle with Visa 24/7, 365 days a year, breaking free from traditional banking hours, improving capital efficiency and reducing collateral requirements
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Rain provides backend infrastructure for fintechs and digital wallets, helping partners build and launch stablecoin-linked card programs to meet global real-time payment demands
Why it matters
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Visa’s expanding stablecoin settlement network signals accelerating convergence between mainstream payment infrastructure and blockchain tech. 24/7 cross-border settlement will significantly reduce global payment complexity, opening new pathways for stablecoin adoption in traditional finance.
👀 Revolut to roll out Bitcoin Lightning payments for European users via Lightspark
Key Takeaways
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Fintech giant Revolut plans to partner with Lightspark to offer Bitcoin Lightning Network payments for users in the UK and select European countries, enabling faster, cheaper transactions
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The integration leverages Lightspark’s infrastructure to process Lightning payments, potentially reducing fees and processing times, offering Revolut users more efficient cross-border options
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This move marks mainstream fintech firms adopting native crypto payment systems, bringing Bitcoin’s Layer 2 scaling solution into everyday financial services
Why it matters
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This is a significant step for a major traditional fintech platform adopting a Bitcoin Layer 2 solution, bringing Lightning convenience to millions of European users and boosting Bitcoin’s real-world utility and adoption as a payment network.
👀 Stripelaunches “Stablecoin Financial Accounts”: innovating payments beyond U.S., U.K., and Europe
Key Takeaways
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Stripe is quietly testing a stablecoin payment solution for companies outside the U.S., U.K., and Europe, launching “Stablecoin Financial Accounts” allowing users to send, receive, and store stablecoins in over 100 countries. Users can fund their Stripe accounts via ACH, wire transfer, or DeFi external accounts, holding funds as Circle’s USDC or USDB issued by Stripe-owned Bridge.
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The service primarily targets underserved regions in Latin America, Africa, South Asia, and Eastern Europe, excluding major economies like North America and Western Europe. U.S. citizens cannot use the feature. This initiative provides easier dollar settlement channels for financially underserved areas.
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Launched shortly after Stripe acquired stablecoin payments platform Bridge, the timing is strategically significant. Bridge’s infrastructure offers an efficient alternative to traditional systems like SWIFT, greatly enhancing Stripe’s technical capabilities.
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Data shows the stablecoin market is growing rapidly, projected to reach $3.7 trillion by 2030. Stripe’s focus on non-U.S./U.K./Europe markets likely reflects strong demand for fast, low-cost cross-border payments in these regions.
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This move indicates mainstream payment giants now view blockchain tech as a core tool for solving real payment problems—not just edge experiments. Stripe’s involvement may accelerate stablecoin mainstreaming in global payments.
Market Adoption
🌱 Crypto and stablecoin mentions in SEC filings hit record highs
Key Takeaways
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In April, the term “cryptocurrency” appeared 786 times in SEC regulatory filings—the highest ever—indicating significantly increased intersection between the crypto industry and regulators
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Mentions of “stablecoins” have more than doubled in recent months, reflecting growing regulatory scrutiny
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Data from The Block’s research shows discussions of crypto assets in public company and regulatory filings are at unprecedented levels
Why it matters
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The surge in SEC mentions signals heightened regulatory attention on crypto, possibly foreshadowing more enforcement actions or compliance requirements. Public companies are increasingly disclosing crypto-related risks.
🌱 Mesh integrates Apple Pay: users spend crypto, merchants settle in stablecoins
Key Takeaways
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Crypto payments platform Mesh will roll out Apple Pay support this quarter, allowing users to automatically convert crypto assets into stablecoins during everyday shopping, delivering a seamless experience
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Retailers can accept crypto payments without handling crypto directly, gaining a “plug-and-play” option via Apple Pay while settling in stablecoins, reducing volatility risk
Why it matters
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This integration connects mainstream payment infrastructure with crypto assets, enabling merchants to accept crypto without changing existing systems—potentially accelerating stablecoin adoption in the real economy.
🌱 Stablecoin market cap surpasses $238B, hitting record high; non-USD stablecoins surge 30%
Key Takeaways
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A CoinDesk Data report states stablecoin market cap rose 2.12% in April to a record $238B, marking 19 consecutive months of growth. However, market share dipped from March’s 8.64% to 7.88% as other crypto assets performed stronger.
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Non-USD fiat-backed stablecoins surged 30% in April to $533M. CoinDesk attributes this to dollar volatility caused by U.S. tariff disputes and gold-backed stablecoins benefiting from record-high precious metal prices.
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Major stablecoins showed mixed performance: Tether (USDT) grew 2.26% to $148B, USDC rose 3.07% to a record $62.1B, while First Digital Labs’ FDUSD lost its peg on April 2, plunging 46.2% to $1.25B.
🌱 Abu Dhabi sovereign wealth fund ADQ teams up with FAB and IHC to launch dirham-backed stablecoin
Macro Trends
🔮 Political maneuvering: Schumer and Warren privately lobby Democrats against stablecoin bill
Key Takeaways
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Politico reports Senate Minority Leader Chuck Schumer and Elizabeth Warren privately urged Democratic senators to withdraw support for the stablecoin bill
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This behind-the-scenes effort aimed to extract more concessions from Republicans. After nine Democratic senators abruptly changed stance, Republican aides expressed “shock,” leaving the bill’s future highly uncertain and bipartisan cooperation broken
Why it matters
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The stablecoin bill has become a political bargaining chip, showing how deeply U.S. crypto regulation is influenced by partisan politics. This sudden shift increases regulatory uncertainty and exposes internal Democratic divisions on crypto policy.
🔮 SoFi plans return to crypto under Trump administration, with stablecoin issuance as strategic priority
Key Takeaways
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Backed by strong Q1 earnings, fintech firm SoFi plans to relaunch crypto services, with stablecoin issuance and tokenized lending as core strategies
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The company expresses optimism about blockchain finance’s practicality and is actively positioning itself to capitalize on regulatory shifts under the new administration
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SoFi’s move reflects renewed interest from traditional finance and tech firms in crypto markets, particularly in the commercial potential of stablecoins
Why it matters
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Expected regulatory improvements under a Trump administration are drawing mainstream financial institutions back into crypto. SoFi’s stablecoin plan signals a new trend of convergence between traditional finance and crypto, potentially paving the way for similar entrants.
🔮 Tether Gold market cap exceeds $770M, betting on digital gold frontier
Key Takeaways
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Tether’s gold-backed token Tether Gold (XAUT) has reached a market cap of $770M, backed by 7.7 tons of physical gold stored in Swiss vaults. Tether has completed its first audit compliant with El Salvador regulations, confirming 1:1 asset backing with regular audits.
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With rising global risk aversion, gold prices are up 27% YTD. Tether is leveraging XAUT to enter the digital gold space, aiming to bring gold—a traditional safe-haven asset—onto the blockchain in a compliant manner to meet investor demand for stable, transparent assets.
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Overall, the convergence of gold and crypto assets is emerging as a new growth vector in digital assets.
Capital Moves
💰 Stablecoin startup Zar raises $7M, aims to enable cash-to-stablecoin exchange at convenience stores
Key Takeaways
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Stablecoin startup Zar raises $7M in funding led by Dragonfly Capital, Andreessen Horowitz, and VanEck Ventures, with participation from Coinbase Ventures and Solana co-founders
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Founded by Brandon Timinsky, former founder of Pakistani payments firm SadaPay, Zar aims to leverage a global network of 28 million mobile financial agents, enabling users to exchange cash for stablecoins via QR codes at convenience stores
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Though not yet live, nearly 100K users are on the waitlist, ~7K merchants express interest, targeting 20 emerging markets including Pakistan, Nigeria, and Argentina
Why it matters
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This service could provide inflation protection and convenient cross-border payments for emerging market residents. Leveraging existing convenience store infrastructure may accelerate stablecoin adoption in the real economy within the $238B market.
💰 World Liberty stablecoin to settle MGX’s $2B Binance investment, integrated with Tron ecosystem
Key Takeaways
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Eric Trump announced at Dubai’s Token2049 that World Liberty Financial’s stablecoin USD1 will be used to finalize MGX’s $2B investment in Binance
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Trump also revealed USD1 will integrate with Justin Sun-backed Tron ecosystem, expanding its use cases
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World Liberty Financial claims USD1 will be one of the most transparent, regulated stablecoins, backed by short-term Treasuries and cash equivalents
Why it matters
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The deepening ties between the Trump family, Binance, and Tron highlight how political-business relationships influence crypto. This deal also marks a new generation of stablecoins gaining institutional adoption and endorsement.
💰 Kyrgyzstan to launch gold-backed stablecoin USDKG, initial reserve $500M
Key Takeaways
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Kyrgyzstan plans to launch gold-backed, dollar-pegged stablecoin USDKG in Q3, initially backed by $500M in gold reserves from the Ministry of Finance
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The country aims to expand gold reserves to $2B, conducting independent audits to ensure collateral transparency. The stablecoin will use over-collateralization to mitigate gold price volatility
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USDKG targets cross-border remittances and international trade. Users can redeem physical gold, crypto, or fiat. Initial focus on Central Asia, later expanding to Southeast Asia and the Middle East
Why it matters
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This is the first gold-backed stablecoin directly endorsed by a sovereign nation. For Kyrgyzstan, where remittances make up 30% of GDP, this is strategically significant and represents innovative national-level use of stablecoins in international trade.
💰 Visa invests in BVNK, doubling down on stablecoin payment infrastructure
Key Takeaways
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Payment giant Visa makes a strategic investment via its VC arm in BVNK, a stablecoin payment infrastructure startup. Terms undisclosed. This reflects traditional finance’s shift toward blockchain payments.
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London-based BVNK currently processes $12B annually in stablecoin transactions and is expanding into the U.S., having secured licenses in multiple states and opened offices in New York and San Francisco.
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This follows BVNK’s $50M raise last year, backed by Haun Ventures, Coinbase Ventures, Tiger Global, and others.
Why it matters
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Visa’s investment underscores that blockchain payments are becoming integral to global financial infrastructure. After PayPal launched its own stablecoin and Stripe tested stablecoin tools, payment giants are accelerating adoption of faster, cheaper cross-border solutions.
Regulation & Compliance
🏛️ Trump ties prompt Democratic pushback on stablecoin bill, market structure legislation at risk
Key Takeaways
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Nine Democratic senators, including Ruben Gallego, say they’ll block the GENIUS stablecoin bill unless anti-money laundering and national security provisions are strengthened.
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Democrats worry Trump may profit from UAE deals via family-backed stablecoin projects, demanding investigation into related MGX transactions.
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Concerns over Trump’s involvement have slowed both the market structure bill and the GENIUS bill; Rep. Maxine Waters has halted House hearings.
Why it matters
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Stablecoin and market structure legislation are entangled in partisan conflict, risking delays in critical U.S. crypto regulation.
🏛️ Tether plans U.S.-focused stablecoin launch this year, CEO awaits final legislation
Key Takeaways
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Tether CEO Paolo Ardoino said in a CNBC interview the company plans to launch a U.S.-market stablecoin by late this year or early next, depending on U.S. stablecoin legislation progress
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The new stablecoin will be positioned as a “payment product,” directly competing with PayPal’s CashApp and tailored for U.S. institutional users
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This shows Tether is actively expanding into the U.S. market, aiming to secure a strategic foothold amid intensifying stablecoin competition and preparing for upcoming regulatory frameworks
🏛️ SEC closes PayPal stablecoin PYUSD probe, takes no enforcement action
Key Takeaways
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PayPal confirmed Tuesday that the SEC has ended its investigation into stablecoin PYUSD without taking enforcement action
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This provides important regulatory clarity for mainstream payment firms entering the stablecoin market, potentially encouraging more traditional financial institutions to explore similar ventures
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PayPal’s PYUSD is among the few stablecoins issued by a major payment firm to undergo substantial regulatory review and emerge unscathed
Why it matters
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The closure of the SEC probe sends a positive signal to the stablecoin industry, indicating that large payment firms’ stablecoin issuance carries lower regulatory risk if properly compliant.
🏛️ Cambodia’s Huione Group faces U.S. sanctions over $98B crypto transactions, launched stablecoin to evade oversight
Key Takeaways
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Blockchain analytics firm Elliptic reports Cambodia’s Huione Group has received $98B in crypto transactions since its 2014 founding
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The U.S. Financial Crimes Enforcement Network (FinCEN) proposed restricting the group’s access to the U.S. financial system, aiming to sever its dollar ties
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The group launched its own stablecoin in January, explicitly stating it was to “bypass transfer restrictions of traditional digital currencies,” further evading regulatory tracking
Why it matters
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This is one of the largest U.S. financial sanctions against an overseas crypto entity, highlighting stablecoins’ potential for circumventing international oversight and potentially prompting stronger global crackdowns on non-compliant crypto projects.
🏛️ Circle secures in-principle approval from UAE’s ADGM, accelerating MEA expansion
Key Takeaways
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Major global stablecoin issuer Circle receives in-principle approval (IPA) from Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) to operate as a money services provider
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This is a key step toward full Financial Services Permission (FSP). Following its December 2024 registration in ADGM, Circle is deepening its footprint in the UAE and broader Middle East and Africa region
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Circle also announces a strategic partnership with Hub71, ADGM’s tech ecosystem, to provide stablecoin infrastructure for over 500 tech startups and venture partners
Why it matters
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This marks a major global stablecoin issuer gaining regulatory recognition in the Middle East, promoting ADGM as an on-chain financial hub and paving the way for compliant stablecoin use in emerging markets—showing regulation and innovation can coexist.
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