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Trump-backed crypto venture reveals plans for USD1 stablecoin

Trump-backed crypto venture reveals plans for USD1 stablecoin

The National25-03-2025
Organisers of a cryptocurrency project supported by US President Donald Trump announced plans on Tuesday to launch a new dollar-pegged stablecoin backed by government debt. World Liberty Financial Inc (WLF) said the stablecoin, called USD1, would be redeemable one-to-one for the US dollar backed by short-term government treasuries, dollar deposits and other cash equivalents. The digital token, intended to maintain a value of $1, will be 'fully backed by a reserve portfolio audited regularly by a third-party accounting firm', WLFI said, without providing details. USD1 will be minted on the Ethereum and Binance Smart Chain blockchains, WLFI said. It did not provide details on the stablecoin's launch. 'We're offering a digital dollar stablecoin that sovereign investors and major institutions can confidently integrate into their strategies for seamless, secure cross-border transactions,' said Zach Witkoff, WLF co-founder and son of Steve Witkoff, US special envoy to the Middle East. Since its launch in October, shortly before the 2024 US election, World Liberty Financial said it has raised $550 million through two sets of token sales. The crypto venture said it sold $300 million worth of WLF tokens in the first set and $250 million in the second. Mr Trump was named the company's 'chief crypto advocate', while his three sons – Eric, Donald Jr and Barron – were named ambassadors. The company in October said DT Marks DEFI LLC, a Delaware-based company connected to Mr Trump, could receive 75 per cent of net protocol 'revenue to WLF from any source, including without limitation platform use fees, token sale proceeds, advertising or other sources of revenue, after deduction of agreed expenses and reserves for WLF's continued operations'. Mr Trump has made significant overtures towards the crypto industry since becoming President, initially fuelling a crypto rally, bringing the price of Bitcoin beyond $100,000 before fears of a rising trade war brought it back down to about $85,000. The White House hosted its first crypto summit this month, shortly after Mr Trump signed an executive order establishing a strategic Bitcoin reserve. He has also appointed people with more tolerant views towards cryptocurrency as regulators, including to the Securities and Exchange Commission. Paul Atkins, Mr Trump's pick to lead the commission and cryptocurrency advocate, was scheduled to give evidence during his confirmation hearing on Thursday. Mr Atkins has served on the crypto advisory group Digital Chambers Token Alliance since 2017.
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Witkoff and Huckabee to enter Gaza as anger over famine mounts
Witkoff and Huckabee to enter Gaza as anger over famine mounts

Middle East Eye

timean hour ago

  • Middle East Eye

Witkoff and Huckabee to enter Gaza as anger over famine mounts

US President Donald Trump's Middle East envoy Steve Witkoff and ambassador to Israel Mike Huckabee plan to enter Gaza on Friday to inspect aid distribution sites, as global rage mounts over the looming famine in the Gaza Strip. "Tomorrow, special envoy Witkoff and ambassador Huckabee will be travelling into Gaza to inspect the current (aid) distribution sites and secure a plan to deliver more food and meet with local Gazans to hear firsthand about this dire situation on the ground," White House press secretary Karoline Leavitt said on Thursday. The visit will be Witkoff's second to Gaza and the first visit from a US ambassador to the enclave in over two decades. It reflects mounting pressure by Trump to address the enclaves' starving Palestinians, as resentment grows not only among US allies but within his own MAGA base. Trump dispatched Witkoff to Israel on Thursday, where he met with Israeli Prime Minister Benjamin Netanyahu. The death toll in the Gaza Strip has passed 60,000, mainly women and children, as Israel continues to pummel the enclave with no ceasefire in sight. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters The Palestinian health ministry said on Wednesday that at least 154 people, including 89 children, have died from hunger since the war started in October 2023. Backlash to Gaza famine Those seeking aid have been met with bombardment and gunfire from Israeli soldiers and American mercenaries. The US and Israel sidelined the United Nations in Gaza and established the so-called Gaza Humanitarian Foundation (GHF) to distribute aid at four sites for Gaza's two million-strong population. The images of starving Palestinians running through cage-like structures in a barren desert to pick up packages of meagre food have started to filter out to the US public and are causing backlash. 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The conservative podcaster Carlson has run a series of back-to-back interviews critical of Israel's war on Gaza and the US's involvement in the scandal-ridden GHF. Analysts told MEE that Trump has been forced to manage the ugly realities of the Gaza famine because he has decided not to extend political capital to push Netanyahu into a ceasefire and permanent end to the war. On Thursday, Trump reiterated previous comments that the humanitarian crisis would end if Hamas releases the captives, but he did not spell out a permanent end to the war. "The fastest way to end the humanitarian crisis in Gaza is for Hamas to SURRENDER AND FREE THE HOSTAGES!!!" Trump said on Thursday in a social media post. US isolation deepens The US has become more isolated on the world stage as it faces pressure from European and Arab partners to rein in Israel. 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UAE's Advertiser Permit to boost content creators' credibility, drive sector growth
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Al Etihad

timean hour ago

  • Al Etihad

UAE's Advertiser Permit to boost content creators' credibility, drive sector growth

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Dubai Summer Sale Sees 40% Digital Sales Surge and Rise in Cross-Border Orders
Dubai Summer Sale Sees 40% Digital Sales Surge and Rise in Cross-Border Orders

Hi Dubai

time2 hours ago

  • Hi Dubai

Dubai Summer Sale Sees 40% Digital Sales Surge and Rise in Cross-Border Orders

Despite the low season, the Dubai Summer Sale is going to be a new Black Friday for the summer months in the UAE, driven by cross-border orders and promotional discount campaigns from brands. Flowwow, a UAE-based gifting marketplace, and Admitad, a global performance marketing company, conducted a joint e-commerce research, analysing over 2 million online orders during the summer season from June 27 to August 31 in the UAE and MENA. With the Dubai Summer Surprise (DSS) 2024 campaign (also known as Dubai Summer Sale), the merchandise revenue grew by 15% with a 40% share of mobile commerce orders. UAE Summer Sales Insights Flowwow's summer gift sale in 2024 saw a significant year-over-year boost, with GMV up by 160.2% and the number of sales increasing by 162% in the Emirates. According to Admitad data for e-commerce orders, in the UAE, the number of online orders grew by 12%, and Gross Merchandise Value (GMV) increased by 15%. Accompanied by a rise in average order value from $69 to $75, this growth was fuelled by mobile shopping, cross-border orders during the holiday summer season, and Gen Z's highly digital habits. Sales in the low season are being boosted by the Dubai Summer Sale in both online and in-store shopping, as UAE brands work to maintain growth during the off-season by offering special deals, discounts, and promotional campaigns like 'Shop, Scan & Win'. Analytics forecast a further 15% rise in online orders for the Dubai Summer Surprise 2025. Mobile commerce kept growing in MENA, with the share of purchases made on mobile devices increasing from 39% to 40% in the summer. Smartphones contributed 79% of 2024 sales in total, confirming mobile's primacy in the UAE e-commerce market. According to Flowwow and Admitad analysts, the share of mobile orders will continue to grow by 10% in 2025. MENA Regional Summer Trends The UAE and Kuwait were leading the region in summer shopping, recording the highest average order values (AOV) during the 2024 season. Kuwait topped the list with an AOV of $120, followed by the UAE at $75. Other key markets included Jordan ($55), Saudi Arabia ($52), and Qatar ($50), all showing healthy levels of consumer spending across various retail categories. Across the MENA region, online sales experienced notable year-on-year growth: the number of orders during summer increased by 12%, while Gross Merchandise Value (GMV) rose by 21%, with part of this growth attributed to inflation. The Average Order Value (AOV) in MENA saw a rise from $30 to $36. Saudi Arabia also saw positive dynamics, with an 8% increase in order volume and a 16% boost in GMV in 2024. During summer, the average order value in the Kingdom climbed from $48 to $52. This rise is partially attributed to inflation and increasingly digital consumer habits, especially among Gen Z consumers. Data shows that approximately 60% of UAE consumers have made at least one online purchase from an international retailer. Moreover, over 80% of the UAE online shoppers buy from international websites via global e-commerce platforms like Amazon and AliExpress. These global e-commerce giants and niche marketplaces are driving cross-border orders to and from the UAE, underscoring the growing popularity of shopping across international markets. Flowwow internal data proves this trend and shows a 20% increase in demand for cross-border gifting during the summer season of 2024. While many UAE residents travel abroad during the summer, more and more people are ordering gifts online — either from other countries to the UAE or from the UAE to loved ones abroad. Leading countries in this trend include the United Kingdom (17%), the United States of America (15%), Russia (12%), Saudi Arabia (10%), Germany (5%), France (5%), the Netherlands (4%), Kazakhstan (4%), Spain (4%), Turkey (4%), Italy (3%) and several others. This rise in cross-border gifting reflects broader patterns. International travel bookings by UAE residents surged by 35% in July and August 2024 compared to the previous year, according to travel agencies. Europe accounted for 65% of all UAE visa requests in Q2, highlighting a strong seasonal trend as millions of UAE residents travel abroad during the summer. 'The growth in cross-border orders shows just how open and globally connected the UAE market is. During the Dubai Summer Sale, we see people not only shopping for themselves, but also sending gifts abroad — connecting with friends and family across different countries. With its diverse, multicultural population and strong e-commerce market, the UAE has become a key destination for international shopping. At Flowwow, we're proud to support that by making cross-border gifting easier and more convenient.' — said Slava Bogdan, CEO at Flowwow. Leading Summer Categories Summer 2024 shopping data reveals clear category preferences across the MENA region, with Fashion leading the way at 21% of total purchases. Home & Garden (19%) and Electronics (18%) follow, showing that consumers remain focused on both lifestyle upgrades and tech essentials. 'Dubai Summer Sale, one of the leading shopping moments of the year, shows strong interest in fashion and high demand for seasonal clothing and accessories in the UAE. Fashion leads with 28% of all e-commerce purchases in the country: local consumers are buying fashion items both in malls and online, using global e-commerce platforms for cross-border orders. The sales season is also driving increased interest in car products among UAE consumers and the growing influence of seasonal sales' — Anna Gidirim, CEO at Admitad, commented. Among other leading categories in the UAE, Electronics (17%) and Home & Garden (14%) also remain popular, while increased spending on Car Products (11%) and Toys & Hobbies (7.5%) points to a broader focus on home life, family, and mobility. Flowers (60%), cakes and bakery products (15%) became the leaders of gifting orders in the UAE, alongside edible bouquets of strawberries (5%), balloons (4%), and houseplants (3%). Saudi Arabia shows a similar pattern, with Fashion (22%), Electronics (19%), and Home & Garden (15%) topping the list. Car Products (10%) and Toys & Hobbies (7%) continue to draw consumer interest during the summer season. The Dubai Summer Sale is changing the way people shop in the summer, driving a wave of online spending, cross-border gifting, and mobile-first purchases, helping the UAE's e-commerce market, now worth over $8.80 billion, to grow.

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