DP World Introduces Multi-Currency Stablecoin To Streamline Global Trade Payments
Date
1/25/2025 3:07:11 AM
(MENAFN- The Arabian Post)
Arabian Post Staff -Dubai
DP World has launched a multi-currency stablecoin aimed at transforming cross-border trade payments. This initiative seeks to reduce settlement costs, enhance transparency, and expedite transaction times for international businesses.
The company is collaborating with leading financial institutions and technology providers to address inefficiencies in traditional cross-border payment systems. By leveraging blockchain technology, DP World aims to offer a more efficient and secure alternative to conventional banking methods.
The stablecoin solution is designed to simplify and accelerate cross-border payments, ultimately helping businesses in emerging economies navigate the complexities of global trade and unlock new growth opportunities. This initiative is part of DP World's broader strategy to offer end-to-end solutions for its customers and facilitate seamless global trade.
Sultan Ahmed bin Sulayem, DP World's group chairman and CEO, emphasized the significance of this development, stating,“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. This initiative aligns with DP World's broader mission to enhance trade flows and economic development in regions that need it most.”
The new payment system is designed to drastically reduce settlement costs and times for cross-border transactions. For example, a textile manufacturer in Ethiopia that exports raw cotton to an Indian fabric producer currently faces significant delays in receiving payments due to the traditional correspondent banking systems, which require multiple intermediaries. This process often leads to settlement times extending over several days, or even weeks. By adopting stablecoin-based payments, DP World aims to streamline this process, reducing both the time and cost associated with cross-border transactions.
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The initiative also seeks to improve financial accessibility for businesses of all sizes. In the Ethiopian example, the textile supplier faces cash flow constraints that limit its ability to scale operations or meet new orders. Similarly, the Indian fabric producer is often unsure whether shipments will be dispatched on time due to payment delays. The stablecoin solution will provide more predictable, real-time transactions that can help both businesses plan and manage their operations more efficiently.
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