Tether Expands Into UAE with Dirham-Pegged Stablecoin
Tether, the developer of the world’s largest stablecoin, USDT, has announced plans to introduce a new token pegged to the United Arab Emirates’ dirham (AED). The new stablecoin, which will be launched in collaboration with UAE-based Phoenix Group and Green Acorn Investments, aims to provide users with a stable and cost-effective way to access the benefits of the AED.
The dirham-pegged stablecoin is expected to streamline international trade and remittances, reduce transaction fees, and offer a hedge against currency fluctuations. Tether’s expansion into the UAE financial market comes at a time when the country is rapidly becoming a significant global economic hub. The collaboration with Phoenix Group, a multibillion-dollar tech conglomerate based in Abu Dhabi, will provide businesses and individuals with an essential tool for transacting.
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In addition to launching the new stablecoin, Tether has also recently achieved a significant milestone by minting over $1 billion of USDT on the TRON network. This brings the total supply of USDT in circulation to over $33 billion. The minting of USDT on TRON highlights the growing popularity of the network as a platform for stablecoins and decentralized finance (DeFi) applications.
The launch of the dirham-pegged stablecoin and the recent USDT minting milestone further solidify Dubai and Abu Dhabi’s reputations as crypto hubs. The UAE’s central bank’s licensing framework for dirham stablecoins could give them a significant boost, especially given the country’s reputation for innovation and financial stability.
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