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General News

Iran hints at circumventing payments in yuan and bitcoin, signs of cracks in petrodollar system

The petrodollar system is being shaken by the fallout from the U.S.-Iran war, with signs of cracks in the dollar-based structure for global oil trade. War risk in the Gulf has raised concern about dollar shortages, and UAE officials have discussed possible financial backstops with the United States. Iran is reported to have imposed yuan-denominated passage fees in the Strait of Hormuz and has also signalled possible use of bitcoin-based fees.

Crypto

Abu Dhabi firm launches first U.S. dollar stablecoin registered in UAE

Abu Dhabi Universal Digital has launched USDU, a U.S. dollar-based stablecoin after completing registration with the UAE central bank, Cointelegraph reported on Jan. 29. Cointelegraph said USDU is the first foreign payment token in the UAE to comply with the central bank’s payment token service rules and to be officially registered. The firm is under dual regulation and must meet standards for reserves, governance, disclosures and operational controls.