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(Note: If you’re looking for more news regarding cryptocurrency, please visit our website Bitcoin Commando. All crypto news will be posted there. ~ Dinar Chronicles)
Seeds of Wisdom
BRICS COUNTRIES ARE REJECTING DE-DOLLARIZATION
The BRICS alliance was hellbent on kick-starting the de-dollarization agenda until the 16th summit in Russia’s Kazan region. Things have now taken a U-turn as the bloc members are slowly backtracking on the initiative.
The US dollar was seen as the main villain of the global economy where local currencies were kept at its mercy.
The agenda to break free from the clutches of the US dollar ignited the de-dollarization process started by the BRICS bloc.
After Trump reclaimed the White House, talks about using the US dollar for trade are growing among member nations. Trump vowed to introduce a 100% tariff on all goods coming into the US for countries that denounce the USD.
If the tariff comes into effect, the financial discrepancies could hit the BRICS alliance harder than thought. Their import and export sector will take the first hit leading to losses by paying up extra in taxes. This could make BRICS rethink their strategies as de-dollarization could only harm their native economies.
BRICS Slowly Backtracking on De-Dollarization
BRICS member India was the first to publicly reject the de-dollarization agenda kick-started by the bloc. The Foreign Minister of India, S. Jaishankar confirmed that the country is not interested in the de-dollarization process.
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He revealed that India will use local currencies only when the option to not settle trade in the US dollar arises. “We have never actively targeted the US dollar. That’s not part of our economic, political, or strategic policy,” he said.
In addition, BRICS member Russia is also slowly backtracking on the de-dollarization process after Trump’s victory. P***n called the USD a “pillar of US power.”
He added, “Our proposals are not aimed against [the] dollar. This is simply us rising to the challenge of modern times, in response towards the development of the economy we are thinking.”
@ Newshounds News™
Source: Watcher Guru
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BLACKROCK RECEIVES LICENSE TO OPERATE IN ABU DHABI
BlackRock has secured a license in Abu Dhabi, focusing on AI and private markets while expanding its presence in the UAE’s crypto-friendly ecosystem.
BlackRock, the multinational investment firm and spot Bitcoin exchange-traded fund (ETF) issuer, received a commercial license to operate in Abu Dhabi, the capital of the United Arab Emirates.
According to Bloomberg, the approval granted on Nov. 18 reflects BlackRock’s interest in expanding in the crypto-friendly region.
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The company is also seeking a license to operate in the Abu Dhabi Global Market (ADGM), an international financial hub in Abu Dhabi, home to crypto companies like Blockdaemon, M2 and Laser Digital.
BlackRock to focus on AI infrastructure in Abu Dhabi
Despite the UAE being a popular crypto hub, the report did not mention digital assets. BlackRock’s Middle East head, Charles Hatami, said in a statement to Bloomberg that the company will focus on private markets and artificial intelligence infrastructure.
The move aligns with broader AI investments in Abu Dhabi. On April 16, Microsoft announced that it had invested $1.6 billion in an Abu Dhabi-based AI tech holding company called G42. The technology conglomerate said that the investment aims to push AI development in the region and globally.
On Sept. 17, Microsoft also announced that it would be establishing two AI centers in Abu Dhabi as part of its global AI expansion. One center would support AI projects to solve “key societal goals,” while the other would develop industry standards for responsible AI use.
BlackRock has yet to provide further details on its plans for the UAE beyond obtaining a license to operate in the region.
Crypto-friendly investment fund lays roots in a digital asset hub
Hatami said Abu Dhabi has become a “global financial center.” He also praised the region’s government for being proactive and committed. The executive stated:
“Its strategic location, proactive government policies, and commitment to sustainable growth make it an ideal location for capital markets.”
BlackRock issues the iShares Bitcoin Trust ETF, which gives United States-based investors exposure to Bitcoin. On Nov. 8, the spot Bitcoin ETF surpassed $33 billion in net assets, exceeding its iShares Gold Trust ETF, which gives investors exposure to gold.
The UAE continues to establish itself as a leader in digital finance. On Aug. 30, the country ranked third in a crypto adoption index released by Henley & Partners, an investment migration consultancy firm.
@ Newshounds News™
Source: CoinTelegraph
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Source: Dinar Recaps
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RLUSD IS HERE: RIPPLE’S OPERATIONALLY READY STABLECOIN UNVEILED
Ripple has just reached an important milestone, with its President Monica Long confirming that the company’s new stablecoin, RLUSD, is ready for use. This stablecoin is designed to complement Ripple’s main token, XRP, by offering a steadier and more reliable option for people in the crypto world.
Long shared this news during her appearance on The Scoop, where she explained how RLUSD could improve Ripple’s payment solutions. The idea behind RLUSD is simple: it gives users a way to trade tokenized U.S. dollars on the blockchain, helping them avoid the unpredictable volatility that is common in the crypto market.
Fits into a larger shift in the crypto market. Long mentioned that countries in Latin America have shown a growing interest in stablecoins tied to the dollar.
Europe and Asia are also seen as areas for growth. Ripple plans to offer stablecoins not just in U.S. dollars but also in other currencies like the euro and Singapore dollar.
“Back from a fantastic week at Singapore FinTech Festival, on and off stage, everyone was talking about stablecoins,” Long shared on Twitter. She also pointed out that the increasing demand for reliable, USD-based stablecoins is what’s driving Ripple’s entry into this market.
Besides meeting market demand, Ripple also hopes to attract developers who can create decentralized apps on the XRP Ledger. By offering RLUSD on the XRP Ledger, Ripple is opening up new possibilities for the decentralized finance (DeFi) sector, offering a strong foundation for developers to innovate and grow.
Ripple has already processed over $70 billion in transactions using blockchain technology, showing the rising demand for its services. While XRP is designed for fast, high-volume transactions, RLUSD will serve users who need stability, especially in markets that value clear regulations and financial security.
Ripple’s RLUSD Regulatory Journey
Launching a stablecoin comes with a big challenge: following the rules set by regulators. Ripple is being careful with RLUSD, making sure it checks all the right boxes before it goes live.
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The company has already started addressing concerns, like getting a license from New York’s Department of Financial Services (NYDFS) through its purchase of Standard Custody.
RLUSD will be fully backed by reserves, including short-term U.S. Treasury bonds, dollar deposits, and cash equivalents. Ripple has committed to monthly attestations of its reserves, which will be verified by the San Francisco-based accounting firm BPM. This transparency is crucial for gaining the trust of both regulators and users.
Ripple’s RLUSD will be fully supported by reserves, such as short-term U.S. Treasury bonds, dollar deposits, and cash-like assets. Ripple has promised to confirm the status of its reserves each month. An accounting firm from San Francisco, BPM, will verify these reports.
In a recent interview on CNBC’s Street Signs Asia, Long expressed confidence about the future of stablecoins. She highlighted their potential, especially for payments and cross-border transfers. Long believes the stablecoin market will continue to grow, with more coins tied to different fiat currencies.
@ Newshounds News™
Source: Crypto News Flash
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BLACKROCK’S BITCOIN ETF OPTIONS SET TO LAUNCH TOMORROW
Nasdaq prepareS for the launch of iBIT options, signaling a key milestone for Bitcoin ETFs.
▪️ BlackRock’s iShares Bitcoin Trust options will begin trading tomorrow.
▪️ iBIT has $43 billion in AUM, with Bitcoin ETF trading volumes surging post-Trump’s e******n win.
BlackRock’s iShares Bitcoin Trust (IBIT) options are set to begin trading tomorrow, according to Alison Hennessy, head of ETP listings at Nasdaq.
In a statement today, the Options Clearing Corporation (OCC), the world’s largest equity derivatives clearing organization, confirmed its readiness to clear and settle options for spot Bitcoin ETFs, such as the BlackRock’s iShares Bitcoin Trust (iBIT).
The statement referenced key developments, including the SEC’s approval on September 20 to allow options trading for the iBIT Trust and the CFTC’s November 15 staff advisory on clearing options for spot commodity ETFs.
Following the announcement, Bloomberg Senior ETF Analyst Eric Balchunas stated it’s “a matter of when, not if.”
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Hours later, Alison Hennessy, Nasdaq’s Head of ETP Listings, said on ETF IQ that iBIT options could be listed as soon as tomorrow.
BlackRock’s iShares Bitcoin Trust has already established itself as a major player in the crypto space since its launch in January.
The ETF has amassed $43 billion in assets under management (AUM) and holds nearly 472,000 Bitcoin, reflecting robust institutional demand.
This announcement comes as Bitcoin ETF trading volumes have surged, ranging between $3 billion and $7 billion throughout November.
The uptick coincides with Donald Trump’s victory as the 47th US president, following his widely expected reelection win on November 6.
This renewed optimism mirrors the early-year momentum seen during the launch of spot Bitcoin ETFs in January, when trading volumes ranged between $4 billion and $12 billion before declining in Q2 and Q3.
@ Newshounds News™
Source: Crypto Briefing
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GOLDMAN SACHS PREPARING TO LAUNCH ITS DIGITAL ASSETS PLATFORM: BLOOMBERG
According to a latest Bloomberg report, Goldman Sachs is preparing to launch a new company focused on its digital assets platform. It is speaking with potential partners as it plans to spin out its digital-assets platform into a new company for large financial firms to create, trade and settle financial instruments through blockchain technology.
Spin Out In 12-18 Months
While the Plans for the new company are in the early stages, but the long-term goal is to e*****e the spin-out within the next 12 to 18 months, subject to regulatory approvals, noted Mathew McDermott, Goldman’s global head of Digital Assets.
“It’s in the best interest of the market to have something that is industry-owned,” he stated. Electronic trading platform Tradeweb Markets Inc. is its first strategic partner that will work with Goldman to bring new commercial use cases to the digital assets platform. This reflects a growing trend among large institutions to integrate blockchain technology into traditional financial systems.
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Goldman’s move mirrors a broader industry trend, where major financial institutions and governments are embracing blockchain technology to enhance the efficiency of traditional asset trading and settlement processes.
In another initiative, Goldman is looking to support secondary transactions in private digital asset companies for its clients. This could make it easier for family offices and other clients looking for liquidity while also allowing buyers to take advantage of private market discounts. The firm also noted that it is preparing to resume its Bitcoin-backed lending activities.
“If you are trying to build out a scalable marketplace, you want to have the right strategic participants embracing this technology,” McDermott said. “You want a number that is nimble enough to operate, driven by the commercial use cases.”
Goldman Sachs Bullish On Bitcoin
Goldman has maintained a bullish stance on Bitcoin throughout the year. In a Nov. 14 filing with the SEC, Goldman Sachs reported about $718 million in holdings in eight Bitcoin ETFs. It has added $300 million to its Bitcoin ETF portfolio since the second quarter, marking a 71% increase. It has also planned to launch three tokenization projects by the end of this year.
@ Newshounds News™
Source: Coinpedia
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Source: Dinar Recaps
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