Tether Teams Up for UAE Dirham-Pegged Stablecoin
Tether plans to launch a new stablecoin pegged to the UAE Dirham (AEDT), partnering with Phoenix Group PLC and Green Acorn Investments Ltd.
Key points:
- The leading stablecoin issuer is launching a stablecoin pegged to the UAE Dirham, fully backed by UAE-based reserves.
- This is a collaboration with UAE-based Phoenix Group PLC and Green Acorn Investments Ltd.
- Aims to facilitate international trade, reduce transaction fees, and provide a hedge against currency fluctuations.
- This move aligns with the UAE’s rise as a global hub for crypto and blockchain innovation.
- Tether continues expanding its lineup, which already includes stablecoins pegged to the US Dollar, Euro, and others
Tether enters the UAE market
Tether, the largest stablecoin player, is about to launch a new stablecoin pegged to the UAE Dirham.
In collaboration with UAE’s tech giant Phoenix Group PLC and backed by Green Acorn Investments Ltd, this project will create a digital Dirham, fully supported by UAE-based reserves.
The aim? To make international trade and remittances easier, cut down on fees, and give people a reliable currency in a market that’s anything but.
Tether’s CEO, Paolo Ardoino, says this stablecoin will be a game-changer for businesses and individuals who need a secure way to transact in AED—especially in the rapidly growing UAE economy.
With the UAE making big moves in the crypto space, supported by favorable regulations and the new Virtual Asset Regulatory Authority, this stablecoin launch strengthens the region’s position as a blockchain leader.
The Dirham-pegged coin will join Tether’s existing stablecoin family: USDT, EURT, CNHT, MXNT, XAUT, and aUSDT.
Plus, just last week, a Dubai court officially recognized cryptocurrency as a valid form of salary payment.
The UAE’s crypto scene is heating up!
