USDT stablecoin receives full regulatory approval in Abu Dhabi

Busan City Houses Two Foreign Financial Firms on the Road to Becoming Blockchain, Fintech HubThe city of Busan said Monday that it has chosen two financial companies, UIB Korea and Lina One, as the new occupants of Decacorn-Space — an office space on the 63rd floor of the Busan International Finance Center (BIFC) — in an effort to position the southern port as the nation’s blockchain and fintech hub.Busan has been running an open call for foreign financial institutions to move into the recently renovated space since June. After a rigorous two-step evaluation process, UIB Korea and Lina One were selected, the city said.This comes as part of Busan’s efforts to further develop the BIFC and become a major financial powerhouse in Korea.“We have been relocating public financial institutions, fostering financial experts, and exploring new growth drivers such as fintech, blockchain, and digital innovation,” the city’s mayor Park Heong-joon explained.Photo by Minku Kang on UnsplashAbout UIB Korea and Lina OneUIB Korea, or UIB Insurance Brokers, is the Korean branch of UK-based UIB Group — a global insurance broker that offers risk management advisory services. In particular, the firm is set to work with other domestic companies such as DB Insurance and Meritz Fire & Marine Insurance to establish a consortium for providing insurance products and consulting services.Meanwhile, Lina One is the Korean branch of Chubb Group, the world’s largest publicly traded property and casualty insurance company. One of the firm’s major goals is to promote the insurance information technology market in Busan.Notably, both companies aim to leverage their digital capabilities, experience, and competitiveness to achieve similar goals, which include digitizing insurance for various partners, ranging from maritime and industrial companies to regional banks, fintech companies, and individuals. In turn, their efforts are expected to expand Busan’s network with the larger global financial community and present the city as an ideal spot for international conferences.On the road to becoming a financial hubDespite considerable challenges such as the withdrawal of foreign financial institutions from Korea and the impact of COVID-19 on international travel, the city has continuously made efforts in collaboration with the Busan Finance Center to attract international financial institutions through events like investor relations meetings and local networking activities.To support the successful landing of these companies in Busan, the city will also offer one-stop services such as business model development support and residential settlement consultations.Once settled, UIB Korea and Lina One are expected to generate significant synergy with partner firms such as local financial holding company BNK Financial Group during the third phase of the development of the BIFC whose objective is to house innovative financial workspace by 2025.“It is crucial for us to attract more competent domestic and foreign financial institutions that will have a great impact on the city’s financial economy,” Mayor Park emphasized.

A number of corporations across the Asian region have announced plans to introduce cryptocurrencies as a fixture within their corporate treasuries recently.Photo by Kanchanara on UnsplashReitar Logtech HoldingsAccording to a June 2 filing with the U.S. Securities and Exchange Commission (SEC), Hong Kong-based Reitar Logtech Holdings Limited, a logistics solutions provider listed on the Nasdaq (RITR), intends to purchase $1.5 billion worth of Bitcoin. The filing outlines that the company is at an advanced stage of negotiation with a consortium of institutional investors and high-net-worth individuals with expertise in the digital assets field regarding this strategic treasury diversification initiative. The firm foresees greater involvement in the future with digital assets beyond just holding Bitcoin as a reserve asset. It stated: “The BTC Program will also pave the way for the Company to engage in logistics real estate projects which may involve digital assets in the future by establishing a reserve of digital asset through this initiative and setting up the necessary internal organizational and technical infrastructure for managing such digital assets.” The tokenization of real-world assets (RWAs) is building momentum, with real estate being the standout use case for that activity. DigiAsiaLast month, DigiAsia, an Indonesian fintech firm listed on the Nasdaq (FAAS), outlined that it had launched a Bitcoin reserve strategy. The company stated that the initiative aligns it with the growing trend among publicly-listed companies to add digital assets to the corporate balance sheet. DigiAsia is understood to be actively exploring a capital raise of up to $100 million in order to fund its first Bitcoin purchases. Treasure GlobalOn June 4, yet another Nasdaq-listed firm with Asian origins announced the launch of its digital asset treasury initiative. Malaysia-based e-commerce platform operator Treasure Global stated that its digital asset treasury would be funded with $100 million raised through a new institutional funding partner and an existing equity financing agreement. It plans on buying Bitcoin, Ethereum and regulated stablecoins. K Wave MediaNasdaq-listed K Wave Media, a South Korean entertainment company, also announced on June 4 that it had put together a $500 million securities purchase agreement to facilitate the establishment of a Bitcoin-based treasury. XRP making corporate treasury inroadsWhile there has been a raft of Bitcoin-related corporate treasury announcements within the Asian region and globally, Ripple’s XRP is starting to see some corporate treasury-related activity. On June 3, Webus International, a Chinese international chauffeur service provider listed on the Nasdaq (WETO), outlined in a filing with the U.S. SEC that it plans to establish a $300 million XRP-based corporate treasury.  In addition, Webus plans to integrate corporate use of the XRP blockchain to facilitate cross-border payments for its partners and travelers worldwide. The move follows a recent announcement by London-based VivoPower International, yet another Nasdaq-listed (VVPR) company, outlining that it was establishing a $121 million XRP corporate treasury with funding for the initiative provided by a Saudi prince.

South Korea’s benchmark stock index, the KOSPI, crossed the 5,000 mark for the first time on Jan. 22, sparking excitement across the market. With investor sentiment improving, the ruling Democratic Party of Korea (DPK) has floated the idea of using digital assets to help boost the KOSDAQ—Korea’s secondary stock market—toward the 3,000 level.Photo by Burak The Weekender on PexelsThe proposal was raised during a luncheon at the Blue House attended by DPK members and President Lee Jae-myung. During the meeting, DPK lawmaker Min Byeong-dug highlighted the role cryptocurrencies could play in expanding the KOSDAQ, according to the Maeil Business Newspaper. While the KOSPI is home to large, established firms with strict listing requirements, the KOSDAQ operates under looser standards and primarily lists small and medium-sized companies, including startups. Leveraging STOs and stablecoinsMin’s argument is that the KOSDAQ could grow further if these companies begin using digital asset tools such as security token offerings (STOs), won-pegged stablecoins, and other crypto-based products. The lawmaker also pushed back against the idea that traditional banks should be the principal force behind won-backed stablecoin initiatives—putting him at odds with the direction favored by the Bank of Korea. The Korean government and the DPK aim to finalize legislation covering won-pegged stablecoins by March, as debate continues over which entities should be allowed to issue them. Citing financial stability concerns, regulators have signaled that early issuance should be restricted to bank-led consortia in which lenders maintain a controlling stake. However, the push to frame digital assets as a new engine for market growth comes at a time when South Korea’s crypto trading activity has cooled sharply. Data from CoinGecko, cited by the Maeil Business Newspaper's Telegram channel, showed that combined daily trading volume across the country’s five largest exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—totaled 3.46 trillion won ($2.36 billion) on Jan. 18, down more than 80% from a year earlier. Average daily trading volume in January 2025 hovered near 10 trillion won ($6.8 billion), driven in part by optimism that Donald Trump’s return to the U.S. presidency would boost the market. Exactly a year later, that momentum has faded, with daily volume falling below five trillion won ($3.4 billion) and only briefly rising above that level on Jan. 6 and Jan. 14. The slowdown is also visible in pricing. Bitcoin, the world’s largest cryptocurrency, is currently trading at around $89,000, roughly 30% below its all-time high recorded on Oct. 7, 2025, and has fallen 6.58% over the past week. Investors demand utility as hype fadesRegardless of price fluctuations, the legislative push suggests an ongoing interest in treating digital assets as a functional layer of the financial system. For Min’s proposal to translate into real support for the stock market, however, the crypto products linked to KOSDAQ growth would need to prove clear practical value. That emphasis is echoed in investor sentiment. A recent weekly survey by CoinNess and Cratos of 2,000 Koreans found that the most common belief about what altcoin projects need to survive is real-world usefulness and the ability to generate revenue: 37.5% of respondents chose that option. Another 21.8% pointed to listings on major exchanges, while 20.2% cited the importance of a compelling narrative aligned with market trends. Meanwhile, 10.9% said a large community mattered most, and 9.6% said altcoins are unlikely to succeed under any circumstances.