Most Influential: Paolo Ardoino

Tether-backed Twenty One Capital faced significant market turbulence as Bitcoin's value declined, impacting the valuations of Digital Asset Trust (DAT) and compressing mNAV premiums. The firm, which recently went public via SPAC, is now under pressure to demonstrate its value beyond merely holding Bitcoin.

Tether's USDT stablecoin has been designated as an Accepted Fiat-Referenced Token by Abu Dhabi's ADGM, allowing its use across multiple blockchains including Aptos, Celo, Cosmos, and others. This regulatory recognition expands Tether's previous approvals and enhances its operational capabilities in the region.

Tether and Circle have received significant regulatory approvals in Abu Dhabi, with Tether's stablecoin recognized as an Accepted Reference Token (ARFT) and Circle obtaining a Financial Services Provider (FSP) license. These developments mark a pivotal moment for the cryptocurrency sector in the UAE, reflecting the region's commitment to fostering a regulated digital asset environment.

Stable has officially launched a dedicated stablecoin network, backed by Tether CEO Paolo Ardoino, with an initial seed funding of $28 million. This initiative aims to enhance the infrastructure and usability of stablecoins in the cryptocurrency market.

Circle has secured a Financial Services Permission (FSP) license from the Abu Dhabi Global Market (ADGM), marking a significant step in its expansion into the Middle East and positioning the company to enhance stablecoin adoption in the region.

Twenty One Capital, a significant player in the Bitcoin treasury sector, has transferred 43,500 BTC, valued at approximately $4.5 billion, into an escrow wallet ahead of its public debut on December 9. This move has raised concerns about a potential sell-off that could exert downward pressure on Bitcoin's price, which is currently trying to maintain support above $90,000.

Tether has made a strategic investment in an Italian firm specializing in humanoid robots, aiming to enhance their development for industrial applications. This funding is part of Tether's broader initiative to deepen its involvement in artificial intelligence and robotics, reflecting a commitment to innovative technologies.

StableChain has launched its mainnet, utilizing USDT for gas fees and introducing a dedicated governance token, with backing from notable investors including Bitfinex and Tether after a successful $28 million seed round.