Dubai is rapidly accelerating its transformation into one of the world’s leading cashless economies, with authorities aiming for nearly 90 percent of all transactions across both public and private sectors to become fully digital by the end of 2026.

The initiative, known as the “Dubai Cashless Strategy,” was originally announced in October 2024 during a meeting of Dubai’s Executive Council chaired by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. The long-term vision is ambitious: positioning Dubai among the top five cashless cities globally while strengthening its status as a global fintech and innovation hub.

Rather than eliminating money itself, the strategy focuses on replacing physical cash transactions with digital alternatives such as banking apps, contactless cards, QR payments, smart wallets, and AI-powered payment technologies.

According to Dubai Finance, the transition could contribute more than AED 8 billion annually to the emirate’s economy by improving efficiency, reducing operational costs, accelerating commerce, and increasing financial inclusion.

Why Dubai Is Moving Toward a Cashless Economy

Dubai’s push toward a digital-first financial ecosystem is part of a broader strategy to modernize infrastructure, support fintech innovation, and create a more connected economy.

Digital payments offer several advantages for governments, businesses, and consumers:

• Faster and more seamless transactions
• Reduced cash handling and operational costs
• Improved transparency and security
• Better integration with smart city infrastructure
• Enhanced financial tracking and analytics
• Greater convenience for residents and tourists

The strategy also aligns with the UAE’s wider ambitions around artificial intelligence, blockchain adoption, smart governance, and digital transformation.

For years, Dubai has positioned itself as a global testbed for emerging technologies. The move toward becoming a largely cashless society represents another major step in that direction.

Digital Payments Are Already Becoming the Standard

Recent developments show that the transition is already underway across multiple sectors.

One of the clearest examples came with the announcement from Parkin that cash payments at parking meters would begin to be phased out starting June 1, 2026. Drivers are now encouraged to pay using the Parkin app, SMS services, or nol cards instead of physical coins.

This may appear like a small operational change, but it reflects a much larger transformation happening throughout the emirate.

Consumers in Dubai are increasingly relying on:

• Apple Pay and Google Pay
• Contactless debit and credit cards
• Banking apps
• QR-based payment systems
• Instant transfer solutions
• Smart mobility payment integrations

The government is also encouraging businesses to modernize payment infrastructure through partnerships and fintech-focused initiatives.

In 2025, Dubai International Financial Centre (DIFC) and Dubai Finance launched workshops and programs designed to help businesses transition toward digital payment systems while introducing AI-driven financial technologies.

What This Means for Tourists Visiting Dubai

The cashless transition will not only impact residents and businesses, but also millions of tourists visiting Dubai every year.

The Central Bank of the UAE has already introduced initiatives aimed at simplifying digital payments for international visitors.

One of the most notable projects is the Tourist Identity initiative, which will allow tourists to instantly open digital bank accounts upon arrival in the UAE. Visitors will gain access to digital debit cards and essential banking services within minutes, significantly reducing the need to carry physical cash.

Tourists will also be able to access the UAE’s domestic card network, Jaywan, and use the Aani instant payment system for transfers and purchases.

Additionally, airlines including Emirates and flydubai have already partnered on initiatives encouraging digital payment adoption among international travelers.

The result is a smoother and more integrated payment experience across hotels, retail stores, transportation systems, restaurants, entertainment venues, and tourist attractions.

Potential Impact on Fintech, Crypto and Web3

While the Dubai Cashless Strategy itself is focused primarily on digital payments rather than cryptocurrencies, the initiative could indirectly accelerate growth across the broader fintech and Web3 ecosystem.

A population increasingly comfortable with digital wallets, instant payments, and app-based financial services creates an environment naturally more open to innovation in areas such as:

• Stablecoins
• Tokenized payments
• Digital identity systems
• Blockchain infrastructure
• Embedded finance
• AI-powered financial services

Dubai has already established itself as one of the world’s most crypto-friendly jurisdictions, attracting exchanges, blockchain startups, Web3 companies, and fintech entrepreneurs from around the globe.

As digital financial behavior becomes more deeply integrated into everyday life, the gap between traditional fintech and blockchain-based finance may continue to narrow.

A Glimpse Into Dubai’s Future

Dubai’s vision goes beyond simply reducing the use of physical cash.

The broader objective is to build a fully interconnected digital economy where payments, transportation, government services, tourism, commerce, and financial services operate seamlessly together.

If the strategy succeeds, paying with cash in Dubai could eventually become the exception rather than the norm.

From parking and public transport to restaurants, shopping malls, and government services, the emirate is steadily moving toward a future where nearly every transaction happens instantly through digital channels.

For residents, businesses, investors, and tourists alike, Dubai’s transition toward a cashless society may become one of the defining economic and technological shifts shaping the city over the coming decade.

Prometheum has launched new infrastructure allowing broker-dealers and RIAs to offer tokenized securities through traditional brokerage accounts.

Prometheum launched new infrastructure on May 25 allowing broker-dealers and registered investment advisers to offer tokenized securities and crypto assets through traditional brokerage accounts. The company positions the launch as a bridge between blockchain-based securities and the conventional financial system.

“Crypto has solved tokenization, but it hasn’t solved distribution,” said Aaron Kaplan, co-founder and co-CEO of Prometheum. “There are tens of billions of dollars of tokenized securities already issued on blockchain rails, but almost no mainstream distribution channel to reach investors at scale.”

Why the distribution problem matters more than issuance

More than $24 billion in securities products have already been issued on blockchain networks according to RWA.xyz data. Crypto.news has tracked the rapid growth of tokenised Treasuries from $380 million in 2023 to $13.4 billion by April 2026, with tokenised equities emerging as the fastest-growing sub-sector.

The challenge Kaplan identifies is structural. Issuers can now tokenize securities relatively easily, but reaching mainstream investors requires access to regulated brokerage accounts, settlement infrastructure, and investor onboarding that most blockchain-native platforms do not provide.

Prometheum’s network of SEC-registered and FINRA-member broker-dealers provides correspondent clearing, custody, execution, and recordkeeping for third-party broker-dealers, enabling their clients to access on-chain securities within existing legal frameworks.

What Prometheum’s infrastructure adds to the tokenization market

Crypto.news has reported on BlackRock filing a second tokenised fund application with the SEC through Securitize, signalling institutional demand for regulated tokenization infrastructure is growing from both issuer and distribution sides. The Prometheum approach targets the distribution gap that well-resourced issuers still face, since retail brokerage access to on-chain securities remains limited to a small number of registered platforms.

Crypto.news has also covered Securitize’s plans to launch natively tokenized public stocks with full on-chain settlement. Whether Wall Street brokerage firms adopt Prometheum’s infrastructure will depend partly on whether the Clarity Act’s passage reduces regulatory uncertainty enough to justify the compliance investment.

A crypto whale opened a leveraged Ether (ETH) short position worth more than $100 million, even as Ethereum co-founder Vitalik Buterin pledged fewer token sales via the Ethereum Foundation.

Key takeaways:

• The whale may face over $1 million in potential losses as the ETH price rebounds toward short liquidation levels.
• Buterin says the Ethereum Foundation will “sell less ETH” despite offloading over 60,000 ETH earlier this year.

ETH whale faces over $1 million in potential losses

As of Monday, the wallet ‘0x50b…’ held a 47,600 ETH short position worth about $100.72 million, according to Hypurrscan data. The trade used roughly 23x cross-margin leverage, with an entry price near $2,094.92.

ETH was trading around $2,115, leaving the position with an unrealized loss just shy of $994,000. The trader had also paid roughly $2,145 in funding, adding to the cost of maintaining the bearish bet.

Ethereum whale’s short position data. Source: Hypurrscan.IO

The position’s liquidation price sat near $2,150, leaving little room for error. A modest ETH move higher could push the whale’s losses past $1 million and potentially wipe out the short.

That puts the whale in a vulnerable position if Ethereum continues to rebound from its weekend low at around $2,000, especially as global risk sentiment improves due to signs of easing US–Iran tensions.

Related: Ethereum traders warn of ‘nasty’ ETH price drop if $2K support breaks

Still, the size of the trade shows that some large traders remain willing to bet aggressively against ETH despite recent attempts by Ethereum’s big names to calm market concerns.

Ethereum Foundation to “sell less ETH,” says Vitalik Buterin

Co-founder Vitalik Buterin pledged that the Ethereum Foundation will “sell less ETH” as part of a broader effort to make the organization leaner, more focused and longer-lasting.

The commitment appeared in a lengthy X post where Buterin defended the foundation’s direction after a wave of researcher departures.

He said the EF is choosing “longevity over breadth,” meaning it will reduce spending, narrow its mission and avoid acting like Ethereum’s central command structure.

The Ethereum Foundation has faced repeated backlash over token sales, with critics arguing that sustained selling can pressure ETH during weak market conditions.

The Foundation sold about 20,000 ETH in 2026, raising more than $45 million, according to data resource Arkham Intelligence. while still holding around 103,000 ETH in liquid treasury assets, and another 70,000 ETH staked.

Ethereum Foundation’s ETH balance. Source: Arkham Intelligence

Nevertheless, Buterin’s reassurance comes as institutional conviction in Ethereum appears to be weakening.

In 2026, several large holders trimmed ETH exposure amid weak price action and a multi-year slump versus Bitcoin.

Harvard Management Company reportedly exited its $87 million Ethereum ETF position after just one quarter, while Goldman Sachs cut its ETH ETF holdings by roughly 70%, leaving about $114 million invested.

Spot Ethereum ETFs have continued to bleed capital, recording more than $295 million in net outflows in May and over $945 million in withdrawals so far in 2026.

ETH US spot ETF net flows. Source: Glassnode

Bankless co-founder David Hoffman, one of Ethereum’s most visible long-time advocates, said he sold all his personal ETH holdings, adding symbolic weight to concerns that even Ethereum-native investors are reassessing their conviction.

Source: X

However, some analysts, including Tanaka, continue to view Ethereum as a strong long-term buy, arguing that its core on-chain economy remains difficult for rival blockchains to match.

Ethereum still anchors much of crypto’s real activity, hosting roughly $43 billion in DeFi liquidity, more than $165 billion in stablecoins, and about 55% of tokenized assets tracked across public blockchains, according to Token Terminal data.

Ledger added native support for the $ADI token tied to ADI Foundation’s ADI Chain network, a UAE-linked, layer-2 focused on stablecoins and tokenized real-world assets.

ADI Chain is backed by Abu Dhabi-based Sirius International Holding, a subsidiary of International Holding Company, and backs the DDSC stablecoin ecosystem launched with First Abu Dhabi Bank. According to the company, the network is designed for institutional use cases including cross-border payments, treasury operations and trade settlement.

The integration allows users to store and manage $ADI through Ledger Wallet and the company’s hardware signing devices. ADI Foundation describes ADI Chain as infrastructure for regulated stablecoins and tokenized assets, with $ADI used as the network’s native gas token.

The announcement follows a recent 110 million dirham ($30 million) DDSC transfer disclosed by International Holding Company, which the company described as one of the largest publicly disclosed stablecoin transactions executed in the United Arab Emirates.

Related: UAE central bank says financial system stable amid missile and drone attacks

Euro-backed stablecoins expand despite limited market share

While dollar-backed stablecoins dominate the market, euro-denominated tokens account for more than 80% of the non-US dollar stablecoin sector, according to a March report from Dune Analytics commissioned by Visa. The report estimated the broader non-dollar stablecoin market at roughly $1.2 billion in supply, compared with a total stablecoin market exceeding $300 billion.

Dune said non-dollar stablecoins now process around $10 billion in monthly transfer volume, with euro-backed tokens increasingly used for payments, remittances, payroll and treasury operations. The report also pointed to growing adoption following the bloc’s Markets in Crypto-Assets Regulation (MiCA), which introduced a formal framework for crypto asset service providers across the European Union.

However, an April report from advocacy group Blockchain for Europe claimed that MiCA’s strict reserve and interest rules have made euro stablecoins safer but less commercially competitive than US dollar-backed alternatives. The report cited DeFiLlama data showing euro stablecoins account for less than 1% of global stablecoin volume despite the euro’s broader role in international markets.

This month, the European Commission opened a review of MiCA rules governing stablecoins, reserve requirements and interest-bearing token products as officials reassess how the framework is functioning in practice.

Meanwhile, European institutions are accelerating efforts to develop local-currency stablecoin infrastructure. On May 20, euro stablecoin consortium Qivalis said it expanded to 37 member institutions after adding 25 banks across 15 countries ahead of a planned launch later this year. The group said the initiative is aimed at building a regulated euro-denominated alternative to US dollar-backed stablecoins.

Stablecoin market cap. Source: DefiLlama

Magazine: ETH bears growling, Tom Lee’s buying, XRP to ‘explode’: Market Moves

TLDR

• Raoul Pal said the crypto market is still in an early stage of long-term growth.
• He argued that investors should avoid selling assets during short-term market volatility.
• Pal stated that the crypto market could expand from $2.5 trillion to $100 trillion.
• He encouraged investors to view price corrections as opportunities to accumulate.
• Pal highlighted blockchain and artificial intelligence as drivers of future adoption.

Raoul Pal said the crypto market remains in an early stage of long-term expansion. He argued that investors should avoid selling early during short-term volatility. His comments come as the crypto market cap stands near $2.59 trillion.

Raoul Pal Urges Patience as Crypto Market Evolves

Raoul Pal questioned why investors would exit positions if the market could grow from $2.5 trillion to $100 trillion. He shared this view during a discussion with macro investor Julien Bittel.

He stated that investors should sell assets only when necessary and not due to emotional reactions. He added that short-term price swings should not drive long-term decisions.

Pal said temporary corrections often present buying opportunities for disciplined investors. He encouraged market participants to strengthen positions during periods of weakness.

He emphasized that many investors still underestimate the scale of the transformation. He said crypto and artificial intelligence will reshape global financial systems. Raul Paul also described the current period as the fastest phase of technological growth in history.

Factors Driving Long-Term Crypto Market Expansion

Pal highlighted the growing role of blockchain technology in financial infrastructure. He said the system is gradually shifting onto crypto-based rails.

He pointed to increased integration between blockchain, artificial intelligence, and digital identity systems. He said these developments support long-term adoption across industries. Pal also referenced regulatory progress, including developments around the CLARITY Act. He said clearer rules could improve institutional confidence and increase participation.

Despite these factors, market sentiment remains cautious at present. The crypto Fear and Greed Index currently shows a neutral reading of 40. Ongoing macroeconomic uncertainty has weighed on digital asset prices. This pressure has led some investors to reduce exposure to limit potential losses.

Bitcoin currently trades below $80,000, with a price near $77,104. Ethereum has also declined and trades around $2,124. The broader crypto market continues to reflect mixed sentiment despite long-term growth expectations. Total market capitalization remains near $2.59 trillion at the time of writing.

The on chain market for tokenized real world assets has hit a fresh record near $34 billion, more than tripling from roughly $5.4 billion at the start of 2025, with Ethereum carrying about 60 percent of that value and tokenized U.S. Treasuries alone now accounting for around $15 billion.

Several independent data sources converge on the same order of magnitude for current RWA size.

MetaMask, citing RWA.xyz, says that as of April 2026 tokenized U.S. Treasuries held about $12.88 billion on chain and that “the total distributed value of tokenized RWAs surpassed $31 billion by May 2026.”

InvestaX’s Q1 2026 market report puts the tokenized RWA market (excluding stablecoins) at roughly $29 billion by the end of March after growing about 30 percent in the quarter, while Binance Square’s May update notes that the sector “has seen significant growth, reaching approximately $31.4 billion by May 2026.”

How big has the tokenized RWA market actually become?

A separate State of RWA rundown circulating in the market pegs on chain RWA TVL at $24.6 billion in April 2026, up from around $6 billion in early 2025, and FintechWeekly cites RWA.xyz in saying the distributed asset value for tokenized RWAs stood at $27.65 billion as of April 6, with represented asset value – the off chain collateral behind those tokens – at $441.38 billion.

Taken together, that cluster of estimates makes the $33.99 billion figure now circulating in trading chats entirely plausible as an updated snapshot: the sector has clearly moved from the low single digit billions in early 2025 to the low to mid $30 billions by mid 2026 once you aggregate Treasuries, commodities, tokenized funds, stocks and private credit and include fresh flows this month.

Securitize’s own year end review corroborates the trajectory. As do major crypto players such as Coinbase CEO Brian Armstrong:

The tokenization platform says the RWA market it tracks (again excluding stablecoins) grew from approximately $5.5 billion at the start of 2025 to $18.2 billion by year end, before exceeding $20 billion by January 11, 2026, implying a near fivefold increase in just over a year and setting the base for this spring’s jump.

Who is driving growth – and what is being tokenized?

The single largest driver is U.S. government debt.

Intellectia and other fixed income focused outlets report that the tokenized Treasury market has crossed $15 billion in assets under management as of May, describing it as a “historic milestone” that reflects soaring demand from stablecoin issuers, DeFi protocols and institutional treasuries for on chain T bill exposure.

BlackRock’s USD Institutional Digital Liquidity Fund, known by its ticker BUIDL, has become the flagship product in that segment.

OpenPR and other disclosures say BUIDL has surpassed $2 billion to $2.4 billion in AUM, making it the largest tokenized Treasury fund globally, while Securitize – which handles tokenization, transfer agency and broker dealer duties – explains that the fund holds assets such as U.S. Treasury bills and repos and issues security tokens representing fund units to qualified purchasers.

Ondo Finance has pushed deep into tokenized bonds and stocks: KuCoin reports that Ondo Global Markets, which offers tokenized U.S. stocks and ETFs, recently crossed $1 billion in total value locked, calling it “one of the fastest growing real world asset tokenization products in crypto history.”

Commodities and structured products are a smaller slice but still material, and private credit has emerged as a fast growing niche as platforms tokenize trade finance, revenue share notes and SME loans, a trend flagged in both InvestaX’s market report and IMF linked policy papers on tokenization.

RWA.xyz’s dashboard, which tracks individual tokenized assets and platforms, shows that as of late May the universe includes everything from tokenized money market funds and bond ladders to real estate slices and exotic assets such as music royalties, with more than 700,000 distinct asset holders and on chain RWA value up over 4 percent month on month.

The punchline is simple: a market that was still a niche talking point in 2022 is now a roughly $34 billion pillar of on chain finance, increasingly anchored by household names like BlackRock and multi chain platforms like Ondo, and projected by some analyses to scale into the tens of trillions in represented assets by 2030 if current institutional adoption and regulatory clarity continue.