UAE, Grayscale, and SWIFT advance blockchain integration

The United Arab Emirates is upgrading its national digital ID platform, UAE PASS, by migrating its ‘Digital Vault’ infrastructure to a dedicated Avalanche L1 blockchain. This move, announced by the Telecommunications and Digital Government Regulatory Authority (TDRA), aims to ensure operational sovereignty and processing stability for over 12.5 million users and 350 institutions.

In the financial sector, Grayscale has filed an amended S-3 registration with the US SEC to convert its Litecoin Trust into a spot Litecoin ETF. The firm seeks to list the product on the NYSE Arca under the ticker ‘LTCN’. This follows previous efforts to bring crypto-assets to traditional markets, though Grayscale enters a landscape where competitors like Canary Capital have already launched Litecoin ETFs.

Meanwhile, SWIFT is expanding its blockchain capabilities. Three major Singaporean banks—DBS, OCBC, and UOB—successfully conducted interbank transactions using tokenized Singapore dollar deposits on a SWIFT-built blockchain ledger. This pilot demonstrates the ability to facilitate cross-border and weekend settlements, reducing transaction times from days to minutes.