DP World to launch cryptocurrency

The logistics company and terminal operator is working with financial institutions from Singapore, India, the UAE and other key markets to introduce instant and transparent payments powered by stablecoins, a type of cryptocurrency pegged to an asset such as gold.

“By introducing stablecoin-based payment options, we are not just addressing a critical gap in the trade ecosystem but also reaffirming our commitment to innovation and leadership in global commerce,” said DP World Group chair & chief executive, Sultan Ahmed bin Sulayem.

“We believe this initiative will redefine the way businesses engage in cross-border trade, particularly in regions where financial barriers have limited potential.”

Customers in emerging markets such as Asia and Africa often grapple with prolonged settlement times, restricted access to finance and a lack of transparency, says DP World, adding that these barriers are a hindrance to the growth of global trade.

The company cites benefits such as drastically reduced settlement cost and times for cross-border payments, improved financial access for even small businesses, and enhanced transparency and trust in international payments.

DP World unveiled its latest plan at the World Economic Forum in Davos, Switzerland, held on the 20 – 24 January.