A group of veteran derivatives and FX traders in the US are launching USDi, a stablecoin designed to adjust its price in line with inflation. Its value will change regularly based on Consumer Price Index (CPI) data and the performance of Treasury Inflation-Protected Securities (TIPS).
Founder Michael Ashton aims to offer an asset that maintains purchasing power by minimizing exposure to inflation risk. However, with intense competition in the stablecoin market, USDi will need strong early traction to carve out its place.
Today, derivatives trader Michael Ashton announced USDi, a stablecoin built to fight inflation.
“The riskless asset doesn’t actually currently exist, and that’s inflation-linked cash. Holding cash is an option on future opportunities, and the cost of that option is inflation. If you create inflation-linked cash, that’s the end of the risk line,” Ashton claimed.
Investors have been using crypto to hedge against inflation for years, but USDi is a novel approach to the problem. Ashton joined two co-founders, an FX veteran, and a technical specialist, to create the firm USDi Partners LLC.
USDi is a stablecoin that is correlated with the dollar but isn’t pegged to it. Instead, it will loosely orbit the dollar, but its value will fluctuate alongside US inflation.
That prospect may seem convoluted, but a simple system defines the stablecoin’s value. Essentially, Ashton claimed that USDi would rise in accordance with regular CPI reports, calculating the total inflation since a predetermined start date.
This date is December 2024, so it’s still quite close to the dollar. Today, for example, USDi’s price is $1.00863.
The novel stablecoin is inspired by the Treasury Inflation-Protected Securities (TIPS), a government bond designed to protect against inflation. Since CPI reports only happen once per month, Ashton will adjust USDi’s price in accordance with more frequent data used by TIPS investors.
To maintain this system, Ashton will manage a fund that acts as the stablecoin’s reserves. USDi Partners will mint and burn tokens according to the daily level of inflation, plus a small transaction fee.
Only accredited investors can partake in the initial launch, but USDi Partners hasn’t announced an official release date.
In short, USDi seems like a unique approach to the crypto economy, but the stablecoin market is full of competition. Ideally, Ashton and his co-founders will be able to get some early traction to get this project off the ground.
If it proves successful, it can help demonstrate the versatility of crypto’s practical applications.
The Middle East and North Africa (MENA) region is quickly becoming a notable force in the push for global crypto adoption. With growing participation from institutions and enterprises and supportive regulations for Web3 technology, MENA is set to expand its impact.
BeInCrypto interviewed Stephan Apel, CEO of Outlier Ventures, to explore the characteristics of these tech-driven economies and their anticipated innovations.
Web3 Adoption and Market Growth
MENA has emerged as a significant center for Web3 development, facilitated by a combination of demographic, technological, and cultural factors. The region’s entrepreneurial spirit has also fostered an environment conducive to the adoption of decentralized technologies.
“The MENA market has set a standard for adopting next-gen technologies and using them to boost their economic transformation. This is especially true for Web3 technologies— the region recognised their potential early on, offering the resources needed for these projects to scale and thrive on both regional and global levels,” Apel told BeInCrypto.
Consequently, the region is witnessing an increase in startups, investors, and developers exploring Web3 and its diverse applications.
A 2024 Chainalysis report revealed that MENA was the seventh biggest crypto market worldwide. From July 2023 to June 2024, the region saw $338.7 billion in online crypto transactions, representing 7.5% of all crypto transactions globally.
Share of all cryptocurrency transaction value by region. Source: Chainalysis.
Notably, Turkey and Morocco ranked among the top 30 countries globally in crypto adoption. Turkey secured the 11th spot, while Morocco ranked 27th. These nations alone accounted for $137 billion and $12.7 billion in received cryptocurrency value, respectively.
Furthermore, the MENA region’s crypto activity is predominantly driven by institutional and professional players, as a substantial 93% of all value transferred involves transactions exceeding $10,000.
Meanwhile, Gulf Corporation Council (GCC) members have distinguished themselves through their ambitious technological initiatives.
MENA’s Strategic Shift Towards AI
The onset of artificial intelligence (AI) has prompted governments and businesses within the Middle East to acknowledge the global trend towards related advanced technologies. Countries like Qatar, Saudi Arabia, and the United Arab Emirates (UAE) are considering their strategic position concerning this technological transformation.
According to a report by PricewaterhouseCoopers (PwC), AI could contribute up to $15.7 trillion to the global economy in 2030. The consulting firm predicts that the Middle East will bring 2% of the total global benefits, equal to $320 billion.
MENA’s pioneering role in AI development. Source: PwC.
The PwC report also indicates that Saudi Arabia will see the largest absolute gains from AI by 2030, with an estimated US$135.2 billion added to its economy, or 12.4% of GDP. In terms of GDP percentage, however, the UAE is expected to see the greatest impact, approaching 14% of its 2030 GDP. Meanwhile, for GCC states Bahrain, Kuwait, Oman, and Qatar, AI is expected to contribute 8.2% of their GDP.
Given the region’s latest initiatives and investments in AI innovation, these numbers come as no surprise.
Saudi Arabia’s AI Development Initiatives
In 2016, the Saudi Arabian government launched Vision 2030, a program to promote economic, social, and cultural diversification. Integral to this vision is a strategic shift towards artificial intelligence and data-driven innovation, a key component of the nation’s economic diversification efforts.
Saudi Arabia is making notable advancements in AI. The country aims to reduce its reliance on oil by developing advanced technology sectors through targeted investments, infrastructure development, and workforce training.
“Fueled by its Vision 2030 initiative, Saudi Arabia has already created a thriving startup ecosystem, dedicated significant investment in emerging technologies,and designed policies to attract global talent and entrepreneurship,” Apel told BeInCrypto.
The Saudi Data and Artificial Intelligence Authority (SDAIA) spearheads Saudi Arabia’s push into artificial intelligence, shaping and implementing the country’s national data and AI strategy. The National Data Bank is a cornerstone of their efforts. It is designed as a central hub for data access and analysis, facilitating AI applications across public and private sectors.
Last November, Saudi Arabia also unveiled Project Transcendence. The $100 billion investment initiative focuses on accelerating the integration of AI and advanced technologies.
Similar to its neighbor, the UAE has actively pursued AI adoption.
UAE’s AI Strategy and Investments
In 2017, the UAE launched its National Strategy for Artificial Intelligence, which aims to make the country a global leader in the field by 2031. The UAE AI and Blockchain Council oversees this strategy, which impacts sectors like education, energy, and tourism.
The UAE is already reaping the benefits of its AI initiatives. In April, Microsoft announced a $1.5 billion investment in G42, an Abu Dhabi-based technology holding company. G42 is known for its data centers and the development of Jais, a leading Arabic-language AI model.
In September, G42 and Nvidia partnered to create AI-driven solutions for improved weather forecasting. The collaboration aims to advance climate-related technologies by using Nvidia’s Earth-2 platform, which enables AI-augmented climate and weather simulations.
Three months later, Abu Dhabi-based global technological ecosystem Hub71 partnered with Google to boost startup growth in the UAE. This collaboration will bring Google’s “Google for Startups” program to Abu Dhabi, including a dedicated accelerator for Hub71 startups in 2025.
He also drew attention to the planned convergence of AI and Web3 technologies in these prominent regions.
Convergence of AI, Web3, and IoT
Integrating the Internet of Things (IoT), blockchain, and AI technologies is gaining traction among businesses in the Middle East. By combining these technologies, organizations can access new avenues for growth, increase efficiency, and create novel user experiences.
In 2018, the Dubai Airport Freezone Authority launched Dubai Blink, a platform that integrates AI, blockchain, and virtual licenses to facilitate global trade. This system enhances supply chain innovation through ‘smart commerce’ by expediting trade with a unified online platform. Furthermore, it addressed the cumbersome process of supplier identification by using AI algorithms to streamline and accelerate the validation process.
Ultimately, MENA’s proactive approach to technological advancement, coupled with its strategic focus on Web3 and AI, signals a future where the region will be a pivotal architect in shaping the digital economy.
The cryptocurrency market faces a critical juncture as the People’s Bank of China (PBOC) considers stimulus measures in response to slowing economic activity.
Analysts suggest that if Beijing injects liquidity into the system, altcoins could experience a significant rally, potentially surpassing previous all-time highs.
China Stimulus Possible in Next Month
While headlines often focus on the US Federal Reserve, China’s monetary policy exerts an equally crucial influence on global risk assets, including cryptocurrencies. A March 2025 21Shares report highlighted a 94% correlation between Bitcoin’s price and global liquidity, surpassing the S&P 500 and gold. This correlation underscores the significance of central bank policies in shaping investor sentiment toward crypto markets.
According to Porkopolis Economics, the U.S. M0 monetary base currently stands at $5.8 trillion, followed by $5.4 trillion in the eurozone, $5.2 trillion in China, and $4.4 trillion in Japan. Given that China accounts for nearly 19.5% of global GDP, the PBOC’s policy decisions carry weighty implications for international capital flows, even when the Fed dominates market attention.
Top monetary assets, USD. Source: Porkopolis Economics
China’s economic data in July 2025 highlighted several areas of weakness. Retail sales fell 0.1% month-on-month, while fixed-asset investment declined 5.3% year-on-year, the steepest contraction since March 2020, according to estimates from Goldman Sachs. Industrial production, meanwhile, inched up 0.4%, indicating limited growth momentum.
Unemployment also showed signs of stress, with the survey-based urban jobless rate climbing to 5.2% in July, up from 5.0% in June. Bloomberg noted that the PBOC could introduce stimulus measures “as soon as September,” while economists at Nomura and Commerzbank echoed the expectation of imminent support policies.
Central banks typically deploy stimulus through interest rate cuts or special financing conditions, effectively expanding the money supply. Such interventions historically boost risk assets, including stocks and cryptocurrencies, by making liquidity more accessible and reducing financing costs. In the crypto context, this could translate into renewed demand for altcoins, which have historically been sensitive to shifts in global liquidity.
US Market Signals Provide Context
Despite growing fears of a recession in the United States, markets have remained remarkably resilient. The University of Michigan’s consumer survey, released in early August, revealed that 60% of Americans expect unemployment to worsen over the next year, a sentiment last recorded during the 2008–09 financial crisis.
Yet, investors continue to display optimism. The S&P 500 closed above 6,400 for the first time ever, while 5-year U.S. Treasury yields rebounded from 3.74% on August 4 to 3.83% on Friday, signaling reduced risk aversion. Higher Treasury yields often indicate a willingness among investors to embrace riskier assets, as demand for government-backed instruments diminishes when confidence improves.
US 5-year Treasury yields. Source: TradingView
For the cryptocurrency market, this combination of factors—resilient equities, rebounding yields, and potential Chinese stimulus—creates a fertile environment for altcoin recovery. Should the PBOC follow through with expansionary measures, the influx of liquidity may catalyze a broad rotation into cryptocurrencies, driving prices higher across a range of tokens.
Altcoins: Navigating the Uncertainties
Before the 2017 crackdown, China was one of the world’s largest markets for crypto and altcoins, with significant grassroots and institutional interest. Altcoins like NEO and VeChain, which have strong Chinese roots, were especially popular among local investors.
Although China’s crypto ownership rate has dropped to about 5.2%, reflecting declining retail participation due to government restrictions, Chinese blockchain projects and altcoins continue to have strong enterprise and technical support, and many Chinese citizens reportedly engage in crypto markets via offshore platforms or proxies despite restrictions.
Despite favorable liquidity conditions, several uncertainties remain. Global recession fears, geopolitical tensions, and evolving regulatory frameworks could temper investor enthusiasm. Moreover, while China’s stimulus may inject liquidity, the effectiveness of such measures will depend on market perception and execution. If stimulus policies are insufficient or temporary, the altcoin market may respond only modestly.
Analysts also emphasize the importance of US economic conditions. Rising Treasury yields indicate that investors are increasingly pricing inflation and growth expectations. These signals interact with Chinese liquidity policies, creating a complex backdrop in which altcoins may flourish or experience headwinds. Investors should also monitor the Trump administration’s China tariffs, which have been delayed for another 90 days.
J.P. Morgan, HQLAx and Ownera announce the launch of their cross-ledger Repo solution. Repo traders are now able to exchange cash at J.P. Morgan and collateral at HQLAx intraday, with settlement and maturity times specified to the minute.
While digital solutions have recently gained market prominence, there is a need for interoperability and precise cash and securities settlement. Ownera’s market leading routing technology has allowed J.P. Morgan and HQLAx to orchestrate the full lifecycle of Repo transactions, from execution through the delivery-versus-payment (DvP) exchange of collateral and cash across ledger platforms with precise settlement, which can help repo participants optimize their intraday liquidity. Ownera’s routers connect market participants peer-to-peer using the open FinP2P protocol, delivering application-layer orchestration across digital platforms.
The first phase of the solution is now live with executed transactions reaching up to $1bn in trading volume per given day, with expected future volume growth. The solution facilitates the exchange of ownership of securities on the HQLAx platform for cash settled on J.P. Morgan Digital Financing application via blockchain deposit accounts on J.P. Morgan’s Kinexys.
The full potential of the solution lies in its scalability as digital solutions gain traction across institutional financial markets. Designed from the outset to operate at an industry-wide level, the platform reduces market fragmentation by supporting potential future extension to multiple trading venues, collateral sources, and digital cash instruments— potentially including deposit tokens, stablecoins, and emerging central bank digital money solutions.
Ami Ben-David, CEO and Founder of Ownera commented: “It has been a privilege to work with J.P. Morgan and HQLAx – two exceptional organizations- in bringing this solution to production. Intraday Repo represents one of the clearest and most compelling use cases for tokenized assets, and reaching daily trading volumes of up to $1 billion is an exciting validation of the model’s scalability. We’re looking forward to building on this momentum and expanding the solution across the broader market in an open and collaborative way.”
Dan Phillips, Executive Director, Markets Digital Assets, J.P. Morgan, “Ownera is offering a key utility to enable meaningful growth in the institutional DLT ecosystem. We look forward to further supporting our clients’ intraday Repo needs, utilizing new pools of collateral in collaboration with both HQLAx and Ownera.”
Richard Glen, Solutions Architect Lead, HQLAx commented: “This solution transforms how clients manage intraday liquidity, offering precision and speed as well as certainty and control. This is a crucial, foundational step towards a truly interconnected and highly efficient global repo market.”
About Ownera
Ownera is a technology company bringing interconnectivity solutions to the world of digital assets. Ownera’s routers enable global distribution and liquidity by connecting tokenized assets distributed by sell-side institutions to buy-side demand. The routers facilitate the negotiation, orchestration and settlement of transactions between the counterparties and their various regulated service providers including custodians, broker dealers, transfer agents, cash providers, lenders and others. Ownera’s routers implement the open FinP2P protocol originally pioneered by the company. For more information, visit www.ownera.io
About HQLA-X
HQLA-X is a financial technology innovation firm that specialises in delivering liquidity management and collateral management solutions for institutional clients in the global securities lending and repo markets. Learn more at: www.hqla-x.com.
