From Coin Telegraph

April 30, 2025 2:29:00 pm:

Governments outside the US, like Singapore, show interest in stablecoins not tied to the US dollar despite limited liquidity. Fireblocks director Dea Markova sees it as a sovereignty issue, with EU central banks pressuring dollar-pegged stablecoins. The ECB is pushing for a digital euro due to concerns over dollar-linked stablecoins’ impact on the eurozone.

Dollar-pegged stablecoins like USDT and USDC dominate the market, accounting for 87.2% of the total market cap for stablecoins. The top 10 stablecoins are all pegged to the dollar, with Tether’s USDT and Circle’s USDC leading the pack. Central banks are wary of the systemic risks posed by these stablecoins.

Dea Markova notes the UAE’s advanced regulatory stance on stablecoins, particularly in Abu Dhabi. Stablecoin issuers do not need local licenses, allowing local exchanges to offer global liquidity. Abu Dhabi approved USDT and USDC as recognized virtual assets, with local institutions collaborating on a dirham-pegged stablecoin launch.

Read more at Cointelegraph

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