**Crypto News Flash: Stablecoins, Tether Profits, UAE Crypto Trading, Polymarket Betting, and Coinbase Custody**

**Stablecoins Surge in Demand**

Stablecoins are gaining traction globally, especially in emerging markets. A recent report shows businesses and consumers in 17 countries are paying an average premium of 4.7% for USD-pegged stablecoins, with Argentina seeing a 30% premium. By 2027, these premiums could total $25.4 billion. Stablecoins are expected to facilitate $2.8 trillion in cross-border payments this year.

**Tether's Record Profits**

Tether posted a record $5.2 billion profit in the first half of 2024 and increased its US Treasury holdings to $97.6 billion. USDT’s market cap stands at $114 billion, with reserves exceeding $118 billion. Tether is reinvesting profits into various sectors, including sustainable energy and AI.

**UAE Crypto Trading**

Residents of the UAE can now trade Bitcoin and Ether directly through their bank accounts, thanks to crypto exchange M2. This new service, regulated by the UAE government, allows for seamless conversion between dirhams and cryptocurrencies.

**Polymarket Betting Boom**

Polymarket has surpassed $1 billion in betting volume amid the US election excitement. The platform recently secured $70 million in funding and has partnered with MoonPay to enhance payment options.

**Coinbase Custody for Australian Bitcoin ETF**

Coinbase is now the custody partner for DigitalX’s new Bitcoin ETF in Australia. The exchange will provide custody and advanced trading services for the fund, expanding its role in the ETF market.

Stay tuned for more updates in the world of crypto!