October 26th, 2024 at 12:00 pm UTC · 3 min read
/Cutoshi/ – As countries continue to embrace digital assets to bridge the gap in traditional finance, the United Arab Emirates Central Bank (CBUAE) has taken a step forward by granting in principle approval for the launch of an AED stablecoin, positioning it to be the first regulated stablecoin pegged to the dirham in the country.
Meanwhile, the new upcoming crypto project, Cutoshi (CUTO), is developing a multi-chain DEX that will allow for cross-chain transactions without the need for an intermediary, solving the issues of security and privacy in CEX. Given the wide range of offerings, there are expectations that Cutoshi’s adoption will increase, which could lead to more demand for the CUTO token.
The Central Bank of the UAE’s recent approval of the AED stablecoin has eased concerns about potential restrictions on crypto payments, which have been a bone of contention following the CBUAE’s recent release of its licensing framework, which restricts crypto payments only to licensed dirham-pegged tokens.
If the license is fully approved, AED stablecoins AE coin could become a means of payment by local merchants and also a local trading pair for cryptocurrencies. Meanwhile, the UAE has been advancing its digital asset sector for months, with recent data showing that the sector grew by 42% in the past year to make it the third-largest market in the Middle East after Turkey and Saudi Arabia.
The new stablecoin is set to face competition with the likes of Tether, the world’s largest stablecoin by market cap, which recently partnered with local firm Phoenix Group and Green Acorn Investments to introduce its own dirham-pegged stablecoin. It could also face competition from OKX and crypto exchange M2, which are advancing their technology in the UAE.
With traders facing issues such as asset bans, privacy, and security in centralized exchanges, Cutoshi is developing an ecosystem that hosts a multichain DEX. The trading exchange is designed to bring blockchains together and allow for easy swapping of digital assets.
Cutoshi is seen as a tribute to decentralized finance, following the core DeFi principles of privacy, freedom, anonymity, and monetary empowerment for the masses. Its objective is to bring DeFi closer to the masses while also boosting DeFi participation through the unique Cutoshi ecosystem.
The ecosystem houses an educational platform where users can enroll and boost their knowledge of DeFi and the cryptocurrency market at large.There is also a farming mechanism designed to reward active members who engage in quests and other community activities.
At the ongoing stage 2 of the presale, CUTO, the utility token is sold for $0.022. The Cutoshi project has also been listed in CoinMarketCap to add to its credibility. The tokenomics show that Cutoshi has a limited 440M total supply, with 7% allocated for burning events. With the strong use case in the ecosystem and the deflationary mechanism, there are high expectations of the Cutoshi.
Outside of the United Arab Emirates, popular companies like PayPal and Stripe have continued to make inroads in the $2.29T crypto industry through investments in stablecoins. With more companies and countries embracing crypto, Cutoshi could witness more adoption, driven by its quest to revolutionize the decentralized finance industry, which is tipped to solve common traditional finance issues.
For more information on the Cutoshi (CUTO) Presale: Website.
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