What is happening in the world of crypto as the year comes to an end?

Introduction?

The cryptocurrency industry is witnessing groundbreaking advancements as governments, corporations, and innovators globally embrace digital assets and blockchain technology. From the United States exploring Bitcoin reserves and crypto-friendly appointments to the UAE leading the charge with regulated stablecoins, the momentum for crypto adoption has never been stronger. In parallel, private players like Stripe and Remote are revolutionizing cross-border payments with stablecoin solutions. These developments highlight a global shift toward integrating cryptocurrencies into mainstream finance and governance.

Revolutionizing Global Payroll: Remote and Stripe Introduce USDC Payments

Global payroll provider Remote has introduced a game-changing feature, allowing U.S.-based companies to pay contractors in 69 countries using USD Coin (USDC). Partnering with Stripe, Remote now enables faster, more stable payments while streamlining processes like onboarding, invoicing, and payroll. Contractors can receive payments directly on a Base wallet address, Coinbase's layer-2 network launched in August 2023, ensuring quicker transactions without the hassle of traditional bank transfers. Employer customers still pay in U.S. dollars, with Remote handling the conversion to USDC, offering contractors in inflation-prone economies a reliable way to preserve their earnings' value.

This highly requested feature demonstrates Remote's commitment to addressing contractor needs while maintaining compliance. Both Remote and Stripe conduct thorough Know Your Customer (KYC) verifications to ensure security. Stripe, which reintroduced crypto services in 2024, has been pivotal in this integration, adding USDC support on Base in partnership with Coinbase. This innovation also marks Stripe's continued legacy in the crypto space, having first adopted Bitcoin payments in 2014. By leveraging USDC's dollar-pegged stability and Stripe's cutting-edge payment infrastructure, Remote has set a new standard for global contractor payments.

States Turn to Bitcoin: Ohio Joins the Movement

Ohio has become the third U.S. state, following Texas and Pennsylvania, to explore the creation of a Bitcoin reserve for its treasury. On Dec. 17, Ohio House Republican leader Derek Merrin introduced the Ohio Bitcoin Reserve Act (HB 703), which would allow the state treasurer to purchase Bitcoin as part of managing public funds, though it wouldn’t be mandatory. Merrin argues that Bitcoin offers a safeguard against inflation as the U.S. dollar continues to lose value. While the bill is unlikely to pass this year due to the legislative session ending on Dec. 31, Merrin plans to reintroduce it in the next session, starting Jan. 6, 2025, with hopes of advancing Bitcoin-related laws in the state.

Merrin, a strong crypto advocate with an "A" rating from Coinbase’s Stand With Crypto group, describes Bitcoin as “digital property rights” and a tool for sound financial management. Ohio’s initiative mirrors recent efforts in Texas and Pennsylvania, where lawmakers have proposed Bitcoin reserve plans. Texas introduced a bill on Dec. 12 to hold Bitcoin as a reserve asset for at least five years, while Pennsylvania’s bill, proposed in November, allows up to 10% of its treasury funds to be invested in Bitcoin as a hedge against economic instability. Together, these states are signaling a shift toward integrating Bitcoin into public financial strategies.

Remote and Stripe Transform Global Payroll with USDC Payments

Global payroll provider Remote has introduced an innovative payment solution in partnership with Stripe, enabling U.S.-based companies to pay contractors in 69 countries using USD Coin (USDC). This development allows for faster, more stable payments while streamlining onboarding, invoicing, and payroll processes. Contractors receive USDC payments via a Base wallet address, powered by Coinbase's layer-2 network launched in August 2023. Employer customers continue to pay in U.S. dollars, with Remote handling the conversion to USDC, ensuring a seamless process. This feature, highly requested by Remote’s clients, offers contractors the flexibility to receive payments in a way that suits their needs while preserving compliance.

USDC’s dollar-pegged stability is particularly beneficial for contractors in countries with inflation or economic uncertainty, allowing them to safeguard their earnings' value. Stripe's advanced payment infrastructure accelerates the process, bypassing traditional delays caused by bank transfers and currency exchanges. Previously, Remote’s Stripe Connect payments were only available in local currencies, with limited exceptions in Europe. Now, this partnership marks a return for Stripe to the crypto space, after discontinuing Bitcoin services in 2018. With USDC support added through a partnership with Coinbase in June 2024, Stripe has reaffirmed its commitment to leveraging blockchain technology for global payment solutions. This breakthrough sets a new benchmark for modern contractor payments.

Crypto Gains Favor in U.S. Politics: Trump’s Pro-Bitcoin Agenda

The cryptocurrency industry has garnered significant attention as the U.S. President-elect Donald Trump pushes forward with plans to integrate Bitcoin into national financial strategies. Recently, Trump met with Crypto.com CEO Kris Marszalek to discuss establishing a national Bitcoin reserve and appointing crypto-savvy individuals to key government positions. This meeting coincided with Crypto.com dropping its lawsuit against the SEC, which had stemmed from an October warning about potential legal action. Marszalek explained that the lawsuit aimed to safeguard crypto’s future but emphasized a shift toward collaborating with Trump’s administration on regulatory frameworks.

Trump’s support for cryptocurrency is evident in his actions and appointments. Even before his election, he launched his own digital currency project, World Liberty Financial. In November, he engaged with Coinbase CEO Brian Armstrong on hiring decisions and has since announced key pro-crypto appointments. Former PayPal executive David Sacks will lead AI and crypto initiatives, while ex-SEC commissioner Paul Atkins has been nominated as the new SEC chair. These moves highlight Trump’s intent to position the U.S. as a leader in the evolving crypto landscape.

UAE’s Push for Regulated Stablecoins: AED Stablecoin Leads the Race

The Central Bank of the UAE (CBUAE) has granted in-principle approval to AED Stablecoin, positioning it as a frontrunner in becoming the first regulated dirham-pegged stablecoin under the Payment Token Service Regulation framework. This milestone addresses concerns about restrictions on crypto payments by aligning with the CBUAE’s licensing rules, which permit only licensed dirham-pegged tokens for transactions. If fully approved, AED Stablecoin’s AE Coin could serve as a trading pair for cryptocurrencies on exchanges and decentralized platforms, while also enabling merchants to accept it for goods and services. The framework ensures stability by banning algorithmic stablecoins and requiring issuers to maintain full cash backing or a mix of cash and UAE government bonds.

The UAE’s crypto-friendly regulatory approach continues to attract major industry players. AED Stablecoin faces competition from Tether, which has partnered with Phoenix Group and Green Acorn Investments to develop its own dirham-pegged stablecoin. Meanwhile, OKX has launched a fully licensed trading platform in the UAE, catering to both retail and institutional investors, including derivatives trading. Crypto exchange M2 has introduced a system allowing UAE residents to convert dirhams directly into Bitcoin and Ethereum. These advancements underscore the UAE’s commitment to becoming a global hub for cryptocurrency innovation and adoption.

Conclusion

As digital assets gain traction in global economies, the collaboration between governments, regulatory bodies, and private enterprises is shaping the future of finance. Initiatives like AED Stablecoin in the UAE, the U.S. efforts to establish Bitcoin reserves, and the use of stablecoins for contractor payments by companies like Remote signal a transformative era for the industry. The world is moving closer to embracing cryptocurrencies not just as speculative investments but as essential tools for economic stability, efficiency, and innovation. With such progress, the crypto landscape is set to redefine how we perceive and interact with money in the coming years.