Cryptocurrency
Tawasul Transport and Al Maryah Community Bank launch the first digital payment system in taxis using AE Coin
[PRESS RELEASE – Abu Dhabi, United Arab Emirates, June 24th, 2025]
In coordination with the Integrated Transport Center (ITC) of the Department of Municipalities and Transport, Tawasul Transport, in collaboration with Al Maryah Community Bank (Mbank), launched a groundbreaking initiative enabling passengers to pay electronically via the AEC Wallet app using the stable digital currency AE Coin across all Tawasul taxis in the Emirate of Abu Dhabi.
This milestone is part of joint efforts to enhance digital payment solutions and develop a smart, secure, and seamless transportation experience. The initiative is the first of its kind globally to adopt a stablecoin pegged to the UAE dirham for public transport payments.
The launch event featured the first official payment using AE Coin following a completed ride in one of Tawasul’s taxis—a move that reinforces Abu Dhabi’s commitment to transitioning toward a digital and sustainable transportation system.
The AEC Wallet offers a simple and secure payment experience, allowing users to complete transactions by scanning a QR code inside the vehicle. AE Coin is pegged at a fixed rate of 1 AED = 1 AEC, ensuring strong financial stability and building trust in digital currency usage.
The AEC Wallet app is available for free on the Apple Store, Google Play, and Huawei AppGallery. It features an innovative user experience focused on fast transactions, robust security, and reduced transfer costs.
With this initiative, taxi passengers in Abu Dhabi can now benefit from an advanced digital payment experience that aligns with the emirate’s ambitions for digital transformation and strengthens its position as a global hub for fintech and smart mobility.
Tawasul Transport:
Mr. Ghena Jbour, General Manager of Tawasul Transport, stated: “This initiative serves as a model of effective collaboration between all entities striving for continuous development within the integrated transport ecosystem. It reinforces the UAE’s leading position in innovation and digital transformation in the transportation sector. At Tawasul Transport, we believe that digital transformation is not merely an option—it is a necessity to meet the evolving expectations and daily needs of users.
This step contributes to enhancing the customer experience by simplifying the payment process and providing multiple secure payment options, in line with Abu Dhabi’s vision of building a smart and sustainable transport system. The adoption of AE Coin in the public transport sector reflects our commitment to supporting future-focused financial solutions that combine technology, convenience, and sustainability. We will continue working to expand these solutions to cover additional services in the future.”
Al Maryah Community Bank:
Mr. Mohammed Wassim Khayata, CEO of Mbank, said: “We are proud to be part of this innovative collaboration with Tawasul Transport and the Integrated Transport Center, as it aligns perfectly with our vision of driving the future of digital payments in the UAE. AE Coin is not just a digital currency, it’s a key pillar of the UAE’s emerging financial infrastructure, bringing stability and compliance into real-time consumer payments through blockchain. Today, we are introducing a transformative payment experience, offering customers a future-forward, cashless, secure, and cost-effective way to use public transport. It’s a step forward in bringing the UAE’s Digital Government Strategy 2025 to life.”
He added: “As part of its strategic roadmap, Mbank is focused on forging future partnerships with businesses and government entities to expand the adoption of AEC Wallet across various sectors, revolutionizing digital payments for both consumers and businesses in the UAE.”
AED Stablecoin:
Ramez Rafeek, General Manager of AED Stablecoin, commented: “The collaboration with Tawasul Transport marks a pivotal moment for AE Coin and AEC Wallet. By offering passengers a secure and seamless payment option in all Tawasul taxis, we are demonstrating how digital currencies can integrate effortlessly into everyday life. This partnership exemplifies the power of innovation and cooperation in driving the future of digital payments, and we’re thrilled to be at the forefront of this transformation.”
Coming soon: The AEC Wallet app will be accepted across more transportation services, merchants, and retail outlets across the UAE, further enhancing the customer experience and offering more opportunities to use AE Coin in everyday transactions.
About Integrated Transport Centre
The Integrated Transport Centre (ITC), affiliated with the Department of Municipalities and Transport, is the legislative, regulatory, and supervisory authority responsible for managing and developing the transport sector in the Emirate of Abu Dhabi. It formulates policies and frameworks aimed at establishing a smart, safe, and integrated mobility system that supports the Emirate’s aspiration to be among the most advanced cities in the world.
ITC oversees all land, maritime, and aviation transport activities across the Emirate, ensuring the integration and advancement of the mobility system in line with urban expansion and population growth. It also strives to harness the latest technologies, innovation, and sustainability tools to meet future mobility demands, enhance quality of life, and redefine urban living standards by embedding advanced solutions and promoting sustainable mobility practices.
About Tawasul Transport
Tawasul Transport Company, established in 2007, is a leading provider of taxi services in the Emirate of Abu Dhabi. With a fleet known for its high quality, safety, and comfort, Tawasul Transport has become a trusted provider of public transport services, committed to ensuring customer satisfaction.
As part of its commitment to innovation and shaping the future of transportation, Tawasul Transport is currently operating autonomous vehicles in support of smart and sustainable mobility initiatives. This strengthens its position as a pioneering company in adopting future-ready solutions for modern transport systems.
The company operates 24/7 throughout the year, in alignment with the goals of the Integrated Transport Center (ITC), the official authority responsible for regulating and managing public transport services in the Emirate. Tawasul actively contributes to realizing Abu Dhabi’s vision of building a smart, safe, and sustainable transport ecosystem that meets community needs and keeps pace with future aspirations.
For more information, users can call 02 444 3673 or contact info@tawasul.ae.
About Al Maryah Community Bank
Al Maryah Community Bank (Mbank) is the first fully integrated digital bank in the UAE, providing an omnichannel experience for both individual consumers and small businesses. The bank is highly specialized, focusing on growth and serving the UAE community, which includes UAE Nationals, residents, and businesses (both SMEs and corporates). The bank’s vision aligns with that of the UAE’s leaders, who are committed to supporting individuals and small businesses within the UAE economy and fostering a forward-thinking culture that emphasizes innovation and technology.
For further information, users can call 600571111 or contact info@mbankuae.com.
About AE Coin
AE Coin is a next-generation stable digital currency regulated by the Central Bank of the UAE, offering secure, transparent, and efficient financial services. With a focus on local payments, decentralized finance, and innovative rewards systems, AE Coin is redefining the way users interact with digital money. Headquartered in Abu Dhabi, UAE, AE Coin leads the region in digital finance innovation.
Website: www.aecoin.com
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Tensions in the crypto sector escalated over the weekend following allegations that Coinbase was the unnamed source behind a Bloomberg report scrutinizing Donald Trump’s crypto project, World Liberty Financial, and Binance.
Coinbase exec, however, has denied the allegations.
Allegations Stir Crypto Rivalries
Crypto commentator Matt Wallace claimed on X that Coinbase executives were concerned that a potential pardon for Binance’s former CEO Changpeng ‘CZ’ Zhao could clear the way for his return. He alleged they attempted to undermine the crypto exchange out of fear that its re-entry into the US market would threaten Coinbase’s market share.
Wallace described Coinbase’s alleged targeting of Trump as “anti-American,” and added that the company’s leadership viewed Binance’s legal return as a direct threat to their business. The post was later reshared by Zhao, who neither confirmed nor denied the claims but indicated that he may consider legal action against Bloomberg for defamation.
Bloomberg’s report had detailed Binance’s involvement in creating the smart contract for USD1, a stablecoin issued by World Liberty Financial, while linking Zhao to a request for a presidential pardon shortly after the token featured in a multibillion-dollar UAE investment deal with Binance. The report further stated that a significant share of USD1 tokens remains in Binance wallets, which suggests potential interest earnings for the exchange.
Coinbase’s chief legal officer, Paul Grewal, responded directly to Wallace’s accusations on X and called them “pure misinformation.” He also asserted that Coinbase had no involvement in providing information to Bloomberg.
“We don’t attack competitors, and we welcome any businesses that share our goal of growing the crypto pie. You should keep looking for an actual source.”
“Standard Collaboration, Not Corruption”
The episode has drawn significant attention from industry players. Blockchain advisor Anndy Lian also criticized Bloomberg’s report on Binance and Trump. In a post on X, Lian noted the article relied on anonymous sources without concrete evidence of payments or explicit coordination between Trump and CZ.
He argued the piece exploited a national tragedy for political narratives and lacked a factual basis. He also added that the crypto exchange’s activities align with industry norms and that no direct evidence links Trump’s business interests to policy decisions.
CZ had stepped down as Binance’s CEO last year following legal settlements with US authorities, and has kept a relatively low profile ever since. In May, CZ confirmed applying for a presidential pardon from Trump after reports linked him to such efforts.
Citing Trump’s past BitMEX pardons, the Binance co-founder said that he’s the only person jailed solely for a BSA violation. Despite seeking clemency, CZ said that he won’t return to Binance leadership.
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Bitcoin’s impressive price surge over the past several days came to a halt hours ago after US President Donald Trump threatened Russia with “very severe tariffs” if it fails to reach a peace deal with Ukraine within 50 days.
According to some reports, the POTUS plans to sell US weapons to European countries, who will later transfer them to Ukraine.
Trump, who promised to end the war in Eastern Europe immediately after becoming president during his election campaign, has had a rather rocky relationship with Ukraine’s Zelenskyy ever since he reentered the White House in January 2025.
However, his most recent actions have showcased a tougher approach against Russia and its allies:
“We’re going to be doing very severe tariffs if we don’t have a deal in 50 days,” Trump said. “Tariffs at about 100% you’d call them secondary tariffs. You know what that means.”
Citing a White House official, CNN reported that these secondary tariffs meant 100% taxation against Russia and further sanctions on countries that buy oil from the world’s largest nation by landmass.
Trump’s tariff threats in the past several months have harmed the cryptocurrency market, with the most evident example taking place in April when bitcoin plunged below $75,000 to mark a five-month low.
However, their impact seems muted lately as BTC remained unshaken during the weekend when the POTUS said the EU and Mexico will face 30% sanctions starting from August 1.
However, today’s threats impacted the primary digital asset, which dropped below $120,000 after marking a new all-time high above $123,000 earlier.
If you want to read more about the potential reasons that fueled BTC’s massive $15,000 surge within less than a week, you can check this article. However, there are certain warnings about its short-term price direction, which can be seen here.
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A high-stakes crypto trader going by the handle @qwatio on X has suffered one of the most dramatic liquidations in recent memory, losing $334 million in under three hours as Bitcoin (BTC) rocketed to a new all-time high (ATH) on Monday morning.
The sudden uptick caught many short sellers off guard, but none more spectacularly than this whale, whose aggressive, leveraged bets on BTC, Ethereum (ETH), and Fartcoin (FARTCOIN) imploded in real time.
A Gambler’s Downfall
The trader, operating from the wallet address 0x916E and tracked by Lookonchain, had aggressively bet against the market’s upward momentum. According to posts from the analytics platform, his run of bad luck began days earlier when an initial short position backfired, incinerating $16.28 million in USDC.
Undeterred, the gambler returned with a fresh $10 million top-up, seemingly determined to win it all back. He went on to short 1,273 BTC, worth approximately $150 million, at a risky 40x leverage, while also doubling down on 33,743 ETH valued at about $99.8 million using 25x leverage.
This desperate recovery attempt lasted less than 48 hours. At the time, Bitcoin hovered around $119,000 and appeared ripe for a pullback. But instead of a reversal, the market accelerated upward, and @qwatio’s new positions imploded: 458 BTC ($55 million), 12,147 ETH ($36.55 million), and 5.4 million FARTCOIN ($7.33 million) vanished in liquidation flames.
Rather than retreat after being licked twice in quick succession, the punter tripled down, only to get kicked in the teeth one more time. His massive short positions, including 1,743 BTC valued at $211 million, 33,743 ETH worth just north of $102 million, and 15 million FARTCOIN priced at $20.6 million, were washed down the drain, bringing his total losses across the three brutal episodes to $25.84 million.
Whiplash Market Claims Multiple Victims
The trader was not alone in his suffering, with Bitcoin’s 15% weekly surge past $123,000 triggering industry-wide carnage that saw liquidations exceeding $730 million.
However, while the likes of hedge fund Abraxas Capital watched $107 million evaporate from short hedges on Hyperliquid against BTC, ETH, and SOL holdings, the same volatility salvaged others. Pseudonymous trader AguilaTrades miraculously erased a $35 million deficit through a perfectly timed 3,000 BTC long, turning it into a $2.3 million profit as Bitcoin found a new peak.
According to market watchers like Redstone COO Marcin Kazmierczak, the rally reflects bullish momentum driven by Trump’s newly announced 30% tariffs on the EU and Mexico, combined with institutional demand from ETF inflows.
BTC was not alone in its stellar performance, with ETH reclaiming the $3,000 mark, and XRP nearing $3, as the total crypto market cap swelled past $3.9 trillion.
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