Kalam Crypto #168: Stablecoins, Bitcoin, and Big Moves in MENA & Beyond

“In investing, what is comfortable is rarely profitable.” — Robert Arnott

Ahlan wa sahlan! Welcome to the latest edition of Kalam Crypto, your trusted source for crisp, insightful updates on everything crypto globally and the MENA region.

This week, we’re covering major milestones, regulatory developments, and market trends shaping digital assets around the world and in our backyard. All that and more, so let’s dive in!

Global News 🌍

US Lawmakers Push to Fix Staking Tax Rules

A bipartisan group of US lawmakers is urging the IRS to end the “double taxation” of crypto staking rewards, where users are taxed both when rewards are received and when they’re sold. Led by Mike Carey, the proposal calls for taxing rewards only at the time of sale to reduce administrative burdens and encourage participation in blockchain networks, supporting US leadership in digital asset innovation.

Bhutan Taps Bitcoin to Build ‘Mindfulness City’

Bhutan plans to use 10,000 Bitcoin from its national holdings to help develop Gelephu Mindfulness City, a new economic hub aimed at creating high-value jobs and attracting fintech, crypto, and green energy businesses. The government says the funds will be managed with a focus on long-term value preservation, transparency, and sustainable development. With an estimated 11,286 BTC worth nearly $1 billion, Bhutan is now the world’s fifth-largest known state holder of Bitcoin.

Bank of Canada Sets Bar for ‘Good Money’ Stablecoins

The Bank of Canada says it will only approve high-quality, fiat-backed stablecoins under its upcoming regulations expected in 2026. Governor Tiff Macklem stressed that approved stablecoins must be pegged 1:1 to a central bank currency and backed by highly liquid assets, such as government bonds, to ensure safety and trust. The move is part of Canada’s broader effort to modernize its financial system while allowing stablecoin innovation under strict safeguards.

Visa Brings USDC Settlement to US Banks

Visa has launched USDC settlement services for US financial institutions, starting with Cross River Bank and Lead Bank, which are already settling transactions on the Solana blockchain. The move is part of Visa’s push to modernize its payment infrastructure and meet growing demand for faster, programmable settlement options. A wider rollout of Visa’s USDC settlement services is planned for 2026.

📌MENA News

Mbank Launches UAE’s First Regulated Stablecoin Mbank has partnered with AE Coin to introduce the UAE’s first regulated stablecoin, enabling secure, fast, and low-cost digital transactions through the AEC Wallet. Fully backed by the Dirham and aligned with the Central Bank’s digital payment framework, AE Coin combines fiat stability with blockchain efficiency. Retail and corporate customers can now make instant payments, transfers, and merchant transactions with minimal fees, marking a major step toward a transparent and innovative digital economy in the UAE.

Cheap Power Fuels Libya’s Hidden Bitcoin Mining Boom

Libya’s heavily subsidized electricity made it one of the world’s most unlikely Bitcoin mining hotspots, with the country generating an estimated 0.6% of the global hash rate at its peak. Ultra-low power costs allowed even outdated mining rigs to remain profitable, but the surge strained an already fragile grid and worsened blackouts. Operating in a legal grey zone, mining farms spread rapidly until authorities linked them to power shortages, prompting raids, equipment seizures and prison sentences as the government ramps up its crackdown.

CoinMENA News 🗞️

We are proud to share that Dina Sam’an, Founder and Managing Director of CoinMENA, has been named CEO of the Year at the Global Elite Business Awards 2025. This recognition reflects the leadership behind CoinMENA’s growth as a trusted, regulated digital asset platform, as well as our commitment to building long-term value, institutional credibility, and innovation across the MENA region.

Keep an eye on 👀

Stablecoins Set to Overtake US Bank Transfers

Galaxy Research predicts that stablecoins could process more transaction volume than the US Automated Clearing House (ACH) system by 2026, driven by regulatory clarity and rapid adoption. Analysts note that stablecoin transactions already rival major card networks and handle around half of ACH volume, with supply growing at a 30–40% annual rate. Expected regulatory frameworks, alongside increasing participation from banks and payment firms, are seen as key catalysts accelerating onchain dollar usage.

Post Of The Week 🐥

Quiz Corner ✅ 

Last week’s question: What does CoinMENA’s partnership with Paribu aim to deliver?

The correct answer is: D)  All of the above

This week’s question is: At its peak, Libya generated what estimated share of the global Bitcoin hash rate?

A) 0.2%

B) 0.6%

C) 1.0%

D) 1.5%

See the answer in next week’s newsletter. Or check out our learning platform https://university.coinmena.com/