Aptos charts success in South Korea through bridging Web2 and Web3

Kyrgyzstan and Malaysia are advancing separate stablecoin initiatives, signaling a regional shift toward digital assets backed by tangible state reserves. While the projects differ in their underlying assets, gold in Kyrgyzstan and sovereign debt in Malaysia, both employ a hybrid model that combines public-sector oversight with private operational management.Photo by Zlaťáky.cz on UnsplashKyrgyzstan introduces gold-backed stablecoinOn Dec. 9, the Kyrgyz Republic’s state-owned OJSC Virtual Asset Issuer launched USDKG, a stablecoin pegged 1:1 to the U.S. dollar, according to a press release. The initial issuance comprises 50 million tokens, which the issuer says are fully backed by physical gold reserves. The project structure separates regulatory authority from asset management. While the issuer operates under the Ministry of Finance, management of the gold reserves has been contracted to a private company registered in the Central Asian nation. Officials say this arrangement distinguishes USDKG from a central bank digital currency (CBDC) and that the stablecoin is intended to operate alongside the national monetary system rather than compete with it. According to the statement, the token is currently issued on the Tron blockchain, with future support planned for Ethereum. The project cites an audit by ConsenSys Diligence and says it complies with Financial Action Task Force (FATF) standards, including identity verification for redemptions. The private operator aims to raise the reserves to $500 million in the next phase and later to $2 billion. Malaysia develops bond-backed tokenIn a parallel development, a Malaysian infrastructure firm with ties to the monarchy is preparing a ringgit-pegged stablecoin. According to Bloomberg, Bullish Aim is introducing the RMJDT token, which will be backed by Malaysian ringgit deposits and short-term government bonds. The company is owned by Ismail Ibrahim, son of Malaysia’s king. The token is designed to operate on Zetrix, a layer-1 blockchain developed by Malaysian firm Zetrix AI Bhd. The network currently supports the Malaysian Blockchain Infrastructure, a government-endorsed platform for digital public services and part of the country’s National Blockchain Roadmap. This places the stablecoin on the same technical foundation used for state-level digital identification and trade facilitation. Bullish Aim also intends to establish a digital-asset treasury (DAT), beginning with an investment of 500 million ringgit ($121 million) in Zetrix tokens. A DAT is a type of company that purchases and holds cryptocurrencies on its balance sheet. The initiatives in Kyrgyzstan and Malaysia suggest that stablecoin development in Asia may continue to evolve through state-anchored, asset-backed models. As each country tests its own approach to reserve management, issuance, and compliance, the next phases of both projects will offer early indications of how such frameworks perform in practice. 

Korean Firms Team Up to Boost Biofuel Use Through Blockchain TechSouth Korean tech service provider SK C&C announced on Thursday that it inked an agreement with Recycle Ledger, a company that operates a service for tracking transactions related to recycling resources. Through this collaboration, the two firms aim to employ ChainZ, SK C&C’s blockchain application programming interface (API) platform, to track the journey of waste cooking oil.Photo by Sigmund on UnsplashBroadening ESG operationsThis deal allows SK C&C to broaden its environmental, social, and governance (ESG) operations into the waste management sector through blockchain tech, strengthening its position as a prominent provider of ESG solutions and a leader in Korea’s net-zero digital intelligent transport systems (ITS).Prior to this initiative, SK C&C launched Click ESG, a comprehensive ESG management platform, and Centero, a carbon credit trading platform, enhancing its ESG offerings.Recycle Ledger operates an ESG platform built on blockchain technology, enabling easier tracking of waste and recycling resources while promoting transparent information sharing. The firm is currently developing a tracking management system for waste cooking oil, specifically tailored for aviation biofuels, a rapidly emerging market sector.Global trendThe US, the EU, and other developed nations are implementing regulations that require sustainability certification for biomaterials and enhancing systems to monitor and manage the collection process of waste cooking oil. This oil can serve as an ingredient for biofuels.This stricter regulatory landscape emerged partly in response to instances of greenwashing, where conventional biofuels are falsely presented as being derived from used cooking oil. Such deceptive practices became prevalent due to the escalating prices of biofuels.Since the adoption of the International Air Transport Association’s (IATA) resolution known as Fly Net Zero in October 2021, which commits airlines to achieve net zero carbon by 2050, many developments have taken place. The EU has imposed a requirement for suppliers to blend at least 2% of sustainable aviation fuel (SAF) into kerosene starting from 2025, planning to boost this to 63% by 2050. The US, meanwhile, aims for 100% SAF use in its aviation fuel demand by 2050.Waste cooking oil trackerIn light of these developments, Recycle Ledger plans to introduce a blockchain-based service that comprehensively tracks and manages the complete life cycle of waste cooking oil, from restaurants to biofuel producers. By utilizing blockchain technology, the company aims to help waste cooking oil exporters obtain sustainability certifications for biomaterials.Recycle Ledger is collaborating with fintech solution provider Woori FIS and electronic payment firm Payup to develop a system that addresses the inconvenience of cash transactions for recyclable resources. Recycle Ledger is also exploring the implementation of a carbon point system for waste cooking oil emissions.Blockchain-based data flow trackingMeanwhile, SK C&C will provide its blockchain mainnet ChainZ as an API to help Recycle Ledger provide its services swiftly and securely.SK C&C’s data tracing API is designed to document information across all data management stages, including data creation, provision, receipt, analysis, and deletion, offering an environment to track data flow.Recycle Ledger CEO Kim Ki-jong said that its platform could enhance the value of recyclable resources and prevent greenwashing by storing transaction data on the blockchain.Choi Chul, the head of the Web3 tech group at SK C&C, touted ChainZ’s benefits, including data security, transparency, and integrity. He highlighted the need for data traceability and transparency within the ESG sector given the multiple stakeholders involved, and affirmed ChainZ’s readiness to satisfy the demand for new ESG services.

Global crypto exchange OKX has acquired full licensing in the United Arab Emirates and with that, it has launched its trading platform in the Gulf state. Serving retail and institutional clientsThat’s according to a press release published by PR Newswire on the company’s behalf on Oct. 10. The platform has now been opened to both retail and institutional investors in the UAE. Those customers who have completed the required onboarding steps, either via the OKX app or the OKX website, can now access the firm’s range of services. Those services include spot trading, on-chain yield-bearing products, token conversion and express buy and sell services. For retail-level customers to qualify for derivatives trading, they are obliged to undergo a knowledge test in addition to undertaking a suitability assessment.  When it comes to institutional clients, the platform has advised that they will have access to derivatives trading so long as they have met specific criteria set out by the company. It’s understood that this will include specific "Know Your Customer" requirements set out by OKX. Photo by Phil Shaw on UnsplashMinimum liquidity requirementsAdditionally, an institutional investor must meet two out of three minimum liquidity requirements. These are understood to include a net annual turnover of $40 million, the institution’s own funds being in excess of $2 million or a balance sheet demonstrating a minimum of $20 million. Investors will be able to deposit or withdraw UAE dirhams (AED) to/from the OKX platform, with AED trading pairs having been established for a range of cryptocurrencies including Bitcoin, Tether and Ether. Launch eventAside from the company’s press release, OKX made its announcement at an event at the Museum of the Future at an event which it titled “A New Alternative for Dubai.” The event featured OKX CEO Star Xu, the firm’s CMO Haider Rafique, SkyBridge Capital’s Anthony Scaramucci, Polygon Co-Founder Sandeep Nailwal and Stacks Co-Founder Muneeb Ali.  Scaramucci spoke positively about the business conditions that have been created in the UAE, stating that the change “in 20 years is nothing short of a miracle.” With that, he recognized that’s why OKX has established itself within the UAE. OKX General Manager for the Middle East and North Africa (MENA), Rifad Mahasneh, told Cointelegraph that the company is “extremely bullish on the UAE as a crypto hub and only see the sector growing in the next few years.” Mahasneh told CoinDesk that the firm has two targets in the UAE, with its intention to onboard retail clients via the OKX app and lure TradFi institutions. "The return on investment is going to come from our ability to convert traditional institutions,” he stated. OKX has been working towards this moment for some time. It opened an office in Dubai in mid-2023, quickly expanding its presence by hiring local staff. Its local subsidiary, OKX Middle East Fintech FZE, received a non-operational license from Dubai’s Virtual Assets Regulatory Authority (VARA) in January of this year.