UAE headquartered, DP World, a global player in the logistics and trade ecosystem, has announced at the World Economic Forum in Davos, that it will be issuing a stablecoin, making it the first entity in the logistics and trade ecosystem to do so.
DP World in its press release stated that it will be issuing the stablecoin in partnership with financial and technology providers as a means to address the current inefficiencies in cross border payments using stablecoins.
The reason behind this move it to help customers in emerging markets such as Asia and Africa to grapple with prolonged settlement times, as well as restricted access to financing.
DP World will collaborate with firms in Singapore, India and the UAE as well as other key markets. The company wants to introduce an accessible, instant and transparent cross border payment solution powered by stablecoins.
AE Coin became first regulated stablecoin in UAE
The announcement comes months after the UAE Central Bank came out with its stablecoin regulation, allowing AED Stablecoins to be used for payments for products and services within the UAE, and for other stablecoins to be used for the purchase of virtual assets. Both would need to be regulated though, within the UAE.
As a result, the first regulated AED stablecoin received approval under the name AECoin. DP World’s stablecoin could become the second one to be regulated, while Tether awaits its approval.
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