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Tether to Launch Dirham-Pegged Stablecoin: A New Era!

Tether's new stablecoin aims to enhance digital transactions and boost the UAE's blockchain landscape, offering a reliable currency alternative for businesses and individuals alike.

1 min 05 secAugust 22, 2024

Highlights:

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Tether partners with Phoenix Group and Green Acorn.

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Fully backed by liquid reserves in the UAE for stability.

Tether to Launch Dirham-Pegged Stablecoin: A New Era!

Tether, the leading issuer of the USDT stablecoin, has announced its plans to launch a new stablecoin pegged to the United Arab Emirates Dirham (AED). This initiative, developed in partnership with the UAE-based Phoenix Group and Green Acorn Investments, aims to provide a stable and efficient digital asset for users in the region.

 

 

The new Dirham-pegged stablecoin will be fully backed by liquid reserves based in the UAE, ensuring that each token maintains a consistent value tied to the AED. Tether’s CEO, Paolo Ardoino, emphasized the strategic importance of this launch, noting that it will facilitate seamless transactions, reduce fees, and serve as a hedge against currency fluctuations. 

 

This stablecoin is expected to enhance international trade and remittances, making it a vital tool for businesses and individuals operating within the UAE's rapidly growing economy.

 

 

The UAE has established itself as a global economic hub, and the introduction of this stablecoin aligns with the country's progressive regulatory environment for digital assets. Tether plans to seek licensing under the UAE Central Bank’s recently announced Payment Token Services Regulation, which will further integrate the stablecoin into the region's financial framework.

 

As the cryptocurrency market continues to expand, Tether's Dirham-pegged stablecoin is poised to attract more users and investors, reinforcing the UAE's reputation as a leader in blockchain innovation. With the global stablecoin market projected to grow significantly, Tether's new offering could play a crucial role in shaping the future of digital finance in the region.

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