Stablecoin initiatives expand across Asia and the Middle East as market grows

Wemade Partners with Katnappe to Bring Arcade Game to Blockchain PlatformSouth Korean blockchain game developer Wemade has entered into a partnership with Katnappe sp. z o.o. to introduce Hoomeez, a multiplayer casual arcade game from the Poland-based indie game publisher, onto Wemade’s blockchain gaming platform, WEMIX PLAY.Hoomeez has been developed by Sourena Games Studio and is made accessible to players worldwide through Katnappe, which was established in 2008.Photo by Shubham Dhage on UnsplashAddition of casual gamesThanks to this partnership between these two entities, users of WEMIX PLAY will now have the opportunity to engage in casual games like racing, ball games, hazard elimination, and coin collection, using cartoon avatar Hoomie, and compete with friends from around the world.Through collaborations with game companies across North America, Europe, and Asia, Wemade has been strengthening the competitiveness of WEMIX PLAY, and its commitment extends to acquiring a broader range of games encompassing various genres.Omnichain network developmentWemade’s global collaborations extend beyond the realm of gaming and encompass the development of the Web3 ecosystem. Recently, Wemade’s WEMIX Foundation forged a strategic partnership with oracle solutions provider Chainlink Labs in order to establish an omnichain network named the Unbound Networking and Accelerating Growth Initiative (Unagi). Blockchain oracles allow developers to bring data from off-chain sources onto the blockchain.In this collaborative effort, the two companies will implement the Chainlink Cross-Chain Interoperability Protocol (CCIP) into Unagi’s core engine, unagi(x). The integration of CCIP will facilitate the creation of a decentralized omnichain messaging protocol, enhancing the ability to conduct swift and secure transactions between on-chain and off-chain systems.Furthermore, Chainlink Labs will become the inaugural member of the Certified Organizations for Unagi Round Table (COURT), a group dedicated to advancing technological research and development with the aim of nurturing a sustainable omnichain ecosystem.Leveraging the support of Unagi, the WEMIX Foundation is working towards connecting diverse blockchains to construct an extensive Web3 ecosystem. Additionally, the foundation is committed to an ongoing recruitment drive for global partners, seeking to expand the ranks of COURT members in pursuit of technological innovation.Sergey Nazarov, the co-founder of Chainlink Labs, shared his excitement about collaborating with Wemade to further the widespread adoption of Web3 games. He mentioned that Chainlink’s CCIP will open new horizons for unagi(x) in the blockchain sphere and help it secure interoperability between different blockchain networks.Henry Chang, CEO of Wemade, resonated with this perspective. He emphasized that their partnership stems from a mutual goal of advancing technological innovation and shaping the blockchain’s future. Chang expressed that Chainlink’s CCIP will bolster the Korean company’s efforts in enhancing its user-centric Web3 gaming platform.

The Qatar Financial Centre (QFC), a business and financial center located in the Qatari capital, Doha, has announced that the Qatar Financial Centre Authority (QFCA) and the Qatar Financial Centre Regulatory Authority (QFCRA) have launched the QFC digital assets framework. In a press release published to the QFC website on Sept. 1, the project set out details of its QFC Digital Assets Framework 2024.Photo by 拜耳 闫 on UnsplashIndependent economic zoneThe QFCA and the QFCRA both act in a regulatory capacity relative to the financial center. The QFC is an economic zone, which operates independently from the rest of the country. With that, it has its own legal, tax, regulatory and business framework. The initiative is similar in this respect to projects located within its Middle Eastern neighbors, the United Arab Emirates (UAE), such as RAK DAO in Ras al Khaimah and Abu Dhabi’s international financial center, the Abu Dhabi Global Market (ADGM). The QFC incentivizes international startups to base themselves within the economic zone by allowing full foreign ownership and 100% repatriation of any profits made by the established entity, with a low rate of 10% taxation applied to those profits. In its press release, the QFC claimed that the framework establishes the legal and regulatory foundation for digital assets, including the process of tokenization, legal recognition of property rights in tokens and their underlying assets, custody arrangements, transfer and exchange.  Providing for a transparent ecosystemAdditionally, the framework provides for the legal recognition of smart contracts. The QFC claims that the framework will ensure a “secure and transparent digital asset ecosystem,” in accordance with international standards and best practices.  The financial center established its Digital Assets Lab in October 2023. Since then, it has welcomed in more than 20 startups, with those entities at various stages in terms of developing, testing and commercializing their products and services. The project outlined that the digital assets framework was developed simultaneously, alongside the operation of the QFC Digital Assets Lab, with industry engagement and collaboration arising as a consequence, having played a role in the framework’s development. His Excellency, Sheikh Bandar bin Mohammed bin Saoud Al Thani, the Qatari Central Bank governor, commented on the development, stating: “Launching the 2024 Digital Assets Regulations marks a significant milestone in our journey towards realising the Third Financial Sector Strategy.” The central bank governor added that the project was aligned with Qatar’s endeavor to achieve specific digital transformation goals. Sovereign wealth fund rumorsRumors had emerged in December 2023 that Qatar’s sovereign wealth fund was driving a Bitcoin price surge. While those rumors weren’t substantiated subsequently, this latest development has once again led to some market commentators considering the prospect of one of the world’s largest sovereign wealth funds investing in Bitcoin. Pseudonymous crypto influencer “MartyParty,” who has over 110,000 followers on X, commented on the development, adding that “[The Qatar Investment Authority (QIA) has] been very interested in #Bitcoin and other digital assets and are huge investors in technology.” Back in 2021, QIA CEO Mansoor Bin Ebrahim Al Mahmoud stated at the Qatar Economic Forum that crypto needed to mature before the $500 billion wealth fund would establish a view about investing in the space.

U.S.-based crypto startup Ondo Finance, a financial infrastructure firm that concerns itself with the tokenization of real-world assets (RWAs), has officially revealed its intention to expand into the Asia Pacific (APAC) area, with the inauguration of its first office in the region. In a press release published by the company on Sunday, Ondo clarified that the expansion is a direct response to the escalating interest in digital assets throughout Asia. That interest the company attributes to factors such as a flourishing crypto community, shifting regulatory environments and a growing appetite for exposure to U.S. assets.Photo by Florian Wehde on Unsplash40% market shareAt present, Ondo Finance holds a 40% share of the global market where tokenized RWAs are concerned. That market share has been driven by its three main tokenized product offerings: OUSG, designed for exposure to U.S. Treasuries; OMMF, facilitating exposure to U.S. money market funds; and USDY, positioned as a yield-bearing alternative to traditional stablecoins. These products serve as a conduit for global investors to access U.S.-based asset classes in tokenized form, aligning with the rising trend of digital asset adoption. To spearhead its APAC expansion initiative, Ondo Finance has appointed Ashwin Khosa as the vice president of business development in the region. Khosa brings nearly a decade of experience in Hong Kong-based institutional business development, having worked with multinational financial services company Citi, alongside key crypto firms such as Tether and its sister company, Bitfinex. His expertise encompasses both on-chain finance and a profound understanding of the APAC market. Khosa stated: “The team is top-notch and the mission of bringing real world assets onchain is extremely important. I look forward to working closely with partners in the region to help investors gain access to this next generation of high-quality assets.” Founded in 2021 with roots tied to the Goldman Sachs Digital Assets team and supported by leading venture capitalists including Founders Fund, Pantera Capital and Coinbase Ventures, Ondo Finance is looking to solidify its position as a dominant force in this newly emerging market on the back of nearly 40% of the global market share in tokenized securities. Nathan Allman, the founder and CEO of Ondo, expressed his excitement about the expansion, stating:“We’re very excited about our expansion into APAC. There is an active and rapidly growing crypto community and an appreciation for the type of high-quality exposure to US assets that our tokens provide.” Suspected token dumpIn a related development on Monday, on-chain sleuths have presented data that may indicate a sell-off of $11 million worth of ONDO tokens, the project’s native token. 20 million tokens were sold, with the suggestion that the token unit price fell in tandem with that market activity. Earlier on Monday, the token traded at $0.3062. At the time of writing, it's trading at $0.25. This expansion into the APAC region follows a string of pivotal developments for Ondo, including the revelation of its strategic roadmap and partnerships within the Ondo ecosystem. Additionally, the Ondo Foundation has introduced a points program and a proposed unlocking of its ONDO token, marking an integral part of the company's ongoing growth and development.