11th July

You can read last week's “This week in crypto” here.

Bitcoin surged to an all-time high of $118,894 this week, surpassing the psychological barrier of $112k for the second consecutive day, closing above $114,600. The rally is being fuelled by a mix of stronger investor risk appetite, increased inflows from institutional investors, and a supportive macro backdrop, including reduced global trade tensions and a US administration favourable to crypto innovation.

Market observers like Anthony Pompliano have noted that as Bitcoin’s market capitalisation expands into the trillions, it becomes increasingly accessible and secure for institutional portfolios. Meanwhile, other crypto assets followed suit—Ethereum rose to a month-high near $3,040, and crypto-linked equities such as MicroStrategy and Coinbase also posted gains of 4–5% on the uptick.

The psychological boost from Bitcoin’s rally cannot be understated—it signals renewed confidence in crypto as a legitimate asset class. Analysts caution, however, that such spikes heighten volatility risks. With some forecasting potential highs well into six figures, investors are monitoring legislative developments during the upcoming "crypto week" in the US Congress for possible market catalysts.

Overall, Bitcoin’s latest record-breaking run underscores growing institutional participation and macro alignment, while also reinforcing the view that regulatory and political signals will continue to drive volatility in the weeks ahead.

Singapore tech giant Ant International is reportedly “seriously considering” applying for a stablecoin issuer licence, seeking to capitalise on the growing desire for regulation and oversight in the crypto space. The move would mark a strategic pivot as Ant eyes expansion into regulated digital finance, mirroring initiatives by banks and fintechs globally.

Ant’s licensing decision aligns with other global legislators introducing clearer frameworks for stablecoins—particularly in Asia and the US, where the GENIUS Act and similar bills are moving through Congress. With regulatory clarity now seen as an enabler rather than a barrier, Ant is positioning itself to lead in compliant stablecoin issuance.

Should the licence be approved, Ant International could issue a dollar-pegged stablecoin under oversight, targeting remittance corridors and digital payments. With its massive existing user base via Alipay, Ant’s stablecoin could reach significant scale rapidly—raising questions about reserve transparency, audit integrity and central bank partnerships.

This development signals a growing trend: as traditional fintech players seek regulated entry into crypto, competition is heating up. Ant’s potential move may prompt other Asian tech giants to pursue licences, reshaping the global stablecoin landscape as regulation and innovation converge.

The Reserve Bank of Australia, in partnership with the Digital Finance Co‑operative Research Centre, has moved into the Phase 2 pilot of Project Acacia—the country’s flagship digital currency initiative. Set to run through early 2026, the pilot explores wholesale central bank digital currency (CBDC) use cases and tokenised stablecoins across real-world platforms.

Phase 2 will test 19 live use cases, including interbank settlement, collateralised lending, and automated smart contract payments, alongside five proof-of-concept demonstrations. The aim is to assess how digital currencies could enhance efficiency, interoperability and innovation in Australia’s financial infrastructure.

Australia’s regulator, ASIC, is backing selective regulatory relief to facilitate digital dollar transactions during this pilot—indicating growing official support for financial experimentation. While Governor Michele Bullock has cautioned about the speculative hype around Bitcoin, she emphasises the necessity of rigorous testing before any wider CBDC rollout.

Project Acacia places Australia among the leading economies exploring the future of money via digital infrastructure. Its outcomes may influence the country’s approach to broader digital asset regulation and open pathways to private sector integration and regional cross‑border settlement models.

Emirates airline has signed a preliminary agreement with Crypto.com to introduce cryptocurrency payments for its customers by next year—the first for a major global carrier. The move reflects the UAE’s broader strategy in transforming Dubai into a leading crypto-friendly travel hub.

This collaboration is part of a wider trend within the Emirates Group. Dubai’s Virtual Asset Regulatory Authority (VARA) has licensed over 650 crypto firms, and Emirates’ adoption follows Air Arabia’s use of AED-backed AE Coin for ticketing. The integration aims to streamline payment experiences for tech-savvy travellers and capture emerging consumer segments.

For Crypto.com, the partnership extends its goal of enhancing crypto usability in everyday contexts. The airline will embed Crypto.com’s payment services into its booking engine and lounges, potentially enabling instant crypto-to-fiat conversion via wallet apps at point-of-sale. Success here could encourage other travel and hospitality brands in the UAE and beyond to follow suit.

The Emirates–Crypto.com initiative signals a global shift: digital assets are increasingly viewed as legitimate tender rather than novelty assets. As more mainstream businesses begin to accept cryptocurrency, real-world utility may drive mass adoption—especially from younger demographics.

This week’s crypto headlines reveal how rapidly the digital asset landscape continues to evolve.

Bitcoin smashed through previous records, with institutional momentum and favourable macro sentiment driving it past $112,000.

In Asia, Ant International is actively exploring a regulated path into stablecoin issuance, reflecting the growing intersection of tech giants and financial compliance. Australia made notable progress in its CBDC pilot with Project Acacia, testing real-world use cases that could reshape financial infrastructure.

Meanwhile, Emirates’ partnership with Crypto.com brings crypto payments to the aviation sector, signalling a shift towards everyday crypto utility. These stories collectively show an industry pushing beyond speculation—towards integration, regulation, and global adoption.

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