Tether to Launch UAE's Dirham-Pegged Stablecoin

Tether to Launch UAE's Dirham-Pegged Stablecoin

Tether, the issuer of the renowned USDT stablecoin, has announced its plans to launch a stablecoin pegged to the United Arab Emirates (UAE) dirham in collaboration with Phoenix Group, a prominent cryptocurrency miner distributor headquartered in Abu Dhabi and Dubai. This move signifies Tether's commitment to expanding its stablecoin offerings globally and catering to the growing demand for digital assets pegged to local fiat currencies. As part of this initiative, Tether intends to apply for a license from the relevant authorities in the UAE to issue the dirham-pegged stablecoin. This move demonstrates Tether's commitment to adhering to regulatory frameworks and ensuring the legitimacy and security of its operations. The launch of the UAE dirham-pegged stablecoin is expected to further enhance the accessibility and adoption of digital assets within the UAE and the wider region. It will provide users with a stable and reliable way to transact, store, and transfer value, while also facilitating easier access to decentralized finance (DeFi) applications and services. Tether's decision to launch a stablecoin pegged to the UAE dirham aligns with the growing adoption of cryptocurrencies and blockchain technology in the Middle East. Several countries in the region, including the UAE, have taken proactive steps to establish clear regulatory frameworks for digital assets, fostering innovation and promoting responsible adoption. The launch of the UAE dirham-pegged stablecoin is expected to have a positive impact on the local economy by encouraging investment, promoting financial inclusion, and supporting the development of a robust digital asset ecosystem within the UAE.