FinTech LIVE Dubai: John Hallahan, Director at Fireblocks
At FinTech LIVE Dubai, John Hallahan, Director of Business Solutions and Advisory (EMEA) at Fireblocks, unpacked the growing influence of stablecoins in the Gulf.
This insightful fireside chat explored the factors behind the UAE's rise as a stablecoin powerhouse
Stablecoins take centre stage in the UAE’s digital shift
In a conversation that touched on regulatory innovation, payment transformation and financial inclusion, John provided a detailed overview of how stablecoins are driving financial activity in the Gulf.
He began by explaining the utility of stablecoins in real-world use cases: “Stablecoins provide faster and cheaper payments,” particularly for cross-border transactions.
This dual advantage of speed and cost is having a marked impact across both individual remittance flows and business-to-business payments, especially for small and medium-sized enterprises.
A major enabler, he noted, is the supportive regulatory approach taken by bodies such as the Virtual Assets Regulatory Authority (VARA) in Dubai and regulators in Abu Dhabi.
This clarity and openness have encouraged companies to launch stablecoin businesses with confidence.
John also highlighted the role of stablecoins in improving financial access, especially for underbanked populations: “They can help to deliver financial services essentially for underbanked and non-bank populations.”
Cross-border payments transformed by stablecoins
Addressing the mechanics of cross-border payments, John described why stablecoins are disrupting traditional banking flows.
“Stablecoins, in terms of transacting, are very quick. If you're using stablecoins, we have customers who are doing [transfers] in about an hour and ten minutes,” said John.
By comparison, traditional SWIFT-based transactions can take multiple days.
He pointed to three main advantages: transaction speed, lower fees due to reduced intermediary involvement, and greater transparency.
“You’re transferring from wallet to wallet, those intermediaries taking certain fees are greatly reduced,” he said.
On transparency, John stressed the ability to track stablecoin transactions in real time using blockchain, enhancing confidence for both individuals and businesses.
Security was another crucial pillar: “They're more secure,” he explained, citing the ability of users to retain ownership of their funds.
Still, he acknowledged concerns around trust, which he addressed by pointing to the practices of major issuers like Tether and Circle.
“Tether is one of the biggest holders of U.S. Treasury bills in the world,” he said, arguing that asset backing is robust and routinely audited.
Regulatory clarity as a competitive advantage
In response to questions on shifting economic policy in the US and its potential impact on stablecoins, John was optimistic. He viewed US regulatory efforts, like the upcoming stablecoin bill, as a positive development that could spur wider adoption and innovation.
“The clarity or lack of clarity around the economic policy in the US is probably not a concern. I would say it's actually an opportunity,” he said, suggesting that other regions, including the UAE and Europe, may benefit from this shift.
Turning back to the Gulf region, John highlighted Dubai’s regulatory leadership: “It was amongst the first regulators globally to publish a really comprehensive rulebook, specifically for digital assets, stablecoins being a part of it.”
He noted that issuers like Circle and Tether are already active in the UAE due to this framework. Abu Dhabi’s regulators have adopted a similar approach, helping to build an attractive ecosystem for digital asset innovators.
When asked whether the UAE could become the global hub for stablecoin activity, John pointed to three factors: capital availability, the presence of multinational firms involved in high-volume cross-border flows, and growing pools of tech talent.
“I think being in a position to be the leader in this space for stablecoins, but also for other assets, is definitely a possibility,” he said.
Digital infrastructure and the road ahead
Despite the advantages, John noted that financial institutions face significant challenges in integrating stablecoins.
These include developing digital infrastructure, understanding asset custody and private key management, aligning with regulatory requirements and forming relationships with liquidity providers.
He also addressed the role of central bank digital currencies (CBDCs), suggesting they are not a threat but rather part of a broader ecosystem of digital money.
“We actually see them interacting and playing in the longer term,” he said, outlining a future in which CBDCs, stablecoins, and tokenised deposits co-exist.
He added: “Different types of tokenised money will have different fits for different use cases.”
Fireblocks, his company, is supporting a growing number of central banks and financial institutions in this transformation.
“Being busy is a good problem to have,” he concluded, reflecting on the rapid expansion of tokenised finance and the global race to establish digital money ecosystems.
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