Kalam Crypto #165: Stablecoins Take the Spotlight

“The future of money is digital, and stablecoins will play a key role in making it frictionless and global."

- Jack Dorsey (co‑founder of X & Block)

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, Stablecoins are taking the spotlight, transforming payments and remittances across the globe! Ripple’s RLUSD rockets into the top 10 USD stablecoins, regulators in the UK, Saudi Arabia, and Morocco push forward with new frameworks and sandboxes, and NFTs experience a dramatic cooldown. Let’s dive in!

All that and more, so let’s dive in!

Global News 🌍

Indians Abroad Send Money via Stablecoins More Indians working overseas are sending remittances using stablecoins like USDT instead of traditional banks. These digital transfers are faster, cheaper, and more efficient, with money changers converting funds to stablecoins and delivering them to recipients’ wallets in India. Stablecoin remittances now account for 3 - 4% of flows, driven by growing adoption and demand. 

Did you know? Stablecoins have surged past $300 billion in circulation, hitting a new all-time high in early Q4 2025. Ethereum dominates as the leading blockchain, hosting most stablecoin transactions and circulation worldwide.

NFT Market Cap Plunges 46% in 30 Days

30-day sales volume by blockchain. Source: CryptoSlam

Despite increased trading activity, the NFT market has nearly halved in value over the past month, dropping from $6.6B to $3.5B. Even top collections like BAYC, CryptoPunks, and Moonbirds saw sharp declines in floor prices. The slump highlights market volatility, while major players like OpenSea and Animoca Brands continue expanding into broader on-chain trading and Web3 opportunities.

Bank of England Proposes Stablecoin Rules Ahead of 2026 The BoE launched a consultation on a regulatory framework for sterling-denominated “systemic stablecoins,” aiming to finalize rules in H2 2026. Measures include backing requirements, holding limits, and oversight, while non-GBP coins like USDT and USDC are currently excluded. Feedback is open until Feb 10, 2026.

UK and US Eye Joint Crypto Sandbox The UK and US are reportedly developing a joint crypto “sandbox” to streamline regulatory alignment and enable passporting of licenses between the two markets. The initiative, highlighted by ex-MP Lisa Cameron and the UK-US Crypto Alliance, follows talks with US lawmakers and SEC officials, aiming to create a controlled environment for testing cross-border crypto operations.

🇦🇪 Local News

Saudi Arabia Plans Regulated Stablecoins Saudi Arabia is preparing to launch regulated stablecoins under SAMA and CMA supervision, in line with Vision 2030. The initiative aims to modernize payments, enhance liquidity, and support cross-border trade, while strengthening financial oversight.

Morocco Proposes Law to Regulate Crypto and DeFi Morocco’s Ministry of Economy and Finance drafted a law to regulate digital assets and DeFi. Goals include investor protection, market integrity, fraud and AML prevention, and fostering innovation. Oversight will be managed by the Moroccan Capital Market Authority and Bank of Morocco, with strict compliance requirements for licensed service providers.

Keep an eye on 👀

Ripple’s RLUSD Enters Top 10 USD Stablecoins Ripple’s USD-backed RLUSD surpassed $1 billion in market cap less than a year after its Dec 2024 launch, entering the top 10 USD stablecoins. With 1,278% year-to-date growth, RLUSD is gaining traction among retail and enterprise users, with daily trading volumes now reaching $174 million.

CoinMENA News 🗞️

Fund Your CoinMENA Wallet via Botim CoinMENA has partnered with Botim, allowing users to top up wallets directly through the app. Fast, convenient, and secure, this integration makes trading crypto easier than ever. By simplifying access to digital assets, CoinMENA is empowering everyone to be part of the financial revolution and shaping the future of money in the Middle East.

Post Of The Week 🐥

📈 Green everywhere! Crypto momentum is building with Bitcoin breaking past $106K (+4%), and Ethereum jumping 5.6% to $3.6K. Are new ATHs on the horizon? 👀

Quiz Corner ✅ 

Last week’s question: Which of the following countries was NOT among the first four to fully launch a Central Bank Digital Currency (CBDC)?

The correct answer is: B) China

This week’s question is:  Which blockchain leads by far in stablecoin circulation and transaction volume? A) Solana B) Bitcoin C) Ethereum D) Ripple

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