Key Takeaways:
- Tether launches a new stablecoin backed by the UAE dirham (AED) in collaboration with Phoenix Group and Green Acorn Investments.
- The stablecoin aims to facilitate cost-effective international trade and remittances, reducing transaction costs and currency risks.
- This initiative highlights the UAE’s growing role in the global crypto space, following the establishment of the Virtual Asset Regulatory Authority in 2022.
Tether, the leading stablecoin issuer, has announced the launch of a new stablecoin backed by the United Arab Emirates dirham (AED), in partnership with UAE-based Phoenix Group and Green Acorn Investments.
This initiative aims to create a fully backed digital version of the Dirham, adhering to Tether’s transparent reserve standards.
Tether to Develop UAE Dirham-Pegged Stablecoin
— Tether (@Tether_to) August 21, 2024
Read more:https://t.co/dkiDAI0y15
The stablecoin is designed to maintain parity with the AED, providing stability and user confidence.
By expanding into the UAE’s financial market, Tether seeks to offer a cost-effective tool for international trade and remittances, reducing transaction costs and mitigating currency risks.
Tether plans to launch a UAE dirham-pegged stablecoin https://t.co/89eCgeWpud
— The Block (@TheBlock__) August 21, 2024
Paolo Ardoino, CEO of Tether, highlighted the significance of the UAE as a growing economic hub.
The partnership with Phoenix Group, a tech conglomerate in Abu Dhabi, underscores the increasing adoption of cryptocurrency in the UAE, driven by the creation of the Virtual Asset Regulatory Authority in 2022.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
His articles offer a deep dive into the latest trends, projects, and technological advancements shaping the future of digital finance.
Check Efe out on:
