Stablecoin issuer Circle Internet Group says the UAE has played a vital role in helping US regulators frame digital asset policies, reflecting the growing influence of the Emirates in the global technology stage.
The company, which manages the world's second-biggest stablecoin, USDC, raised more than $1 billion at its initial public offering on the New York Stock Exchange on Thursday, reflecting the legitimacy of digital assets and the growing attention they attract from regulators, its president Heath Tarbert told The National.
The listing valued the New York City-based Circle at around $6.8 billion after it priced its IPO at $31 per share, well above the projected top range of $27 and $28, making it one of the most prominent crypto firms that has tapped into equity markets.
With the emergence of digital asset providers in the markets, regulation becomes more magnified especially in the US, which has banked on fellow forward-looking and tech-oriented nations such as the UAE for policies that would be a standard globally, said Mr Tarbert, who also served as assistant secretary of the US Treasury and chairman of the Commodity Futures Trading Commission.
"While people do look to the US, it has been looking elsewhere as well for ideas, given the importance of digital assets and trying to get it right, and they've looked no further than the UAE," he said in an interview.
"I would commend … particularly the financial services authorities in Dubai and Abu Dhabi for being at the forefront of this because they've actually helped inform US policymakers … there's a real realisation that stablecoins in particular can do a lot for our financial system."
Cryptocurrencies in general are notoriously driven by trends and political developments. US President Donald Trump, arguably the world's biggest backer of crypto, gave an unprecedented boost to the sector – most notably Bitcoin – which scaled multiple highs early in his second term.
"Politics can play a role in anything, but it's ultimately fundamental technology that will prevail," Mr Tarbert said, noting that Mr Trump "seeing the importance" of crypto "can also help the US continue to be a leader in technology".
A stablecoin is a type of cryptocurrency that is pegged to a fiat currency and tends to be less volatile, unlike Bitcoin and the like, for which swings are influenced by simple factors such as tweets and hype.
Unlike legacy financial institutions that require paperwork, approvals and physical branches, stablecoins only require an internet connection and a digital wallet. This removes barriers and allows anyone, anywhere, to send, receive and store money without needing a bank.
AE Coin, the first regulated digital currency in the UAE, was granted final approval by local authorities and is scheduled to be launched “soon”. In April, Abu Dhabi entities IHC, ADQ and First Abu Dhabi Bank plan to launch a dirham-backed stablecoin, which will be fully regulated by the UAE Central Bank, aimed at easing payment solutions.
Tether, whose USDT is the world's biggest stablecoin, in August received the go-ahead to develop a stablecoin in the UAE.
And Circle, which last year incorporated a unit in Abu Dhabi, partnered with Binance in December to incorporate USDC into products that can be used locally.
Mr Tarbert said stablecoins will allow users to move in and out of digital assets, in addition to being a store of value globally, helping secure their finances. In particular, the UAE, a major source of remittance outflows, can benefit from their secure nature, he added.
"People want to hold things like dollars in particular, but also euros and other currencies in their wallets safely and securely," he said. "The UAE is a major remittance corridor in the world … [stablecoins will provide] that fulcrum between east and west, north and south."
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UAE currency: the story behind the money in your pockets
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Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
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A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
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What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
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Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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Name: Hassan Mohsen Elhais
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The five pillars of Islam
1. Fasting
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Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
