Mantle (mnt) 
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The Stacks Asia DLT Foundation has achieved a significant milestone by becoming the first Bitcoin-based foundation to register within the Abu Dhabi Global Market (ADGM). This strategic move is designed to foster the growth of Bitcoin layer-2 technology across the Middle East and Asia, paving the way for enhanced blockchain innovation in these regions.
Leveraging ADGM’s Framework
The foundation will operate under ADGM’s Distributed Ledger Technology Foundations framework, which is widely recognized for its flexibility in accommodating blockchain-based initiatives. This regulatory environment provides a solid foundation for the expansion of Bitcoin-related technologies.
Kyle Ellicott, interim Executive Director of the Stacks Asia DLT Foundation, highlighted the importance of ADGM’s support for blockchain innovation, emphasizing its alignment with the objectives of the Stacks ecosystem. This partnership marks a key step in advancing Bitcoin programmability and decentralized finance (DeFi) applications.
What Is Stacks?
Stacks is a Bitcoin layer-2 platform designed to enhance Bitcoin’s functionality without altering its core network. The platform enables developers to build decentralized applications (dApps) and smart contracts directly on Bitcoin, leveraging its security and reliability.
The registration of the Stacks Asia DLT Foundation within ADGM follows regulatory approval from the U.S. Securities and Exchange Commission, further solidifying its regulatory standing and credibility in the blockchain space.
Regional Collaboration and Education
The foundation aims to collaborate with regional partners to advance Bitcoin development and provide educational programs. These initiatives will focus on increasing awareness and adoption of Bitcoin technologies while working closely with policymakers to shape regulations around digital assets, Bitcoin utility, and yield products.
Ellicott noted that ADGM will serve as the foundation’s base for bridging activities between the Asia-Pacific region and the UAE, with Hong Kong playing a key role as a hub for regional operations. This strategic alignment is expected to drive innovation in Bitcoin-based applications and expand the reach of Bitcoin programmability.
Advancing Bitcoin DeFi with sBTC
The foundation is committed to building on the recent launch of sBTC, a 1:1 Bitcoin-backed asset on the Stacks mainnet. This innovative asset allows users to engage in decentralized finance activities, such as lending and trading, while maintaining Bitcoin’s robust security model. By introducing sBTC, the foundation aims to unlock new opportunities in Bitcoin-based DeFi.
Regional Growth in Bitcoin Technologies
Hamad Sayah Al Mazrouei, CEO of the ADGM Registration Authority, emphasized the significance of Stacks’ registration, noting the region’s growing importance in the development of digital assets and Bitcoin layer-2 technologies. This move underscores the increasing interest in Bitcoin-based innovations across Asia and the Middle East.
As the adoption of Bitcoin technologies continues to rise globally, the foundation’s initiatives will play a crucial role in driving progress, fostering collaboration, and shaping the future of blockchain innovation in the region.
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