Dea Markova, the policy chief at Fireblocks, highlighted a growing interest among governments outside the US, particularly in countries like Singapore, in stablecoins that are not pegged to the US dollar. Markova emphasized that this trend revolves around issues of sovereignty. She noted that dollar-pegged stablecoins pose challenges for entities in the European Union, with central banks expressing discomfort despite regulatory compliance. The European Central Bank has prioritized the creation of a digital euro due to concerns about the influence of US dollar-linked stablecoins. Presently, stablecoins such as Tether's USDT and Circle's USDC dominate the market, accounting for approximately 87.2% of the total stablecoin market capitalization. In response to this dynamic, the UAE has emerged as a leader in regulatory thinking concerning stablecoins, allowing local exchanges to offer global stablecoin products without requiring domestic licensing, showcasing a contrasting regulatory approach to that seen in Europe.

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