Stablecoin issuer Tether recently announced its plans to launch a new stablecoin pegged to the United Arab Emirates dirham (AED) in partnership with Green Acorn Investments and Phoenix Group.
Plans to Launch the Stablecoin
The press release notes that the AED stablecoin will seek licenses under the UAE Central Bank’s recently announced Payment Token Services Regulation. This new AED-pegged stablecoin from Tether will provide a transparent and cost-effective way to access the asset while acting as a hedge against currency fluctuations in the market. Thus, the AED stablecoins will be fully backed by liquid UAE-based reserves. Phoenix Group, the Abu Dhabi-based multibillion-dollar tech conglomerate, noted:
Tether CEO's Statements
Tether CEO Paolo Ardoino lauded this development. The dirham-pegged stablecoin will help support the UAE’s rapidly growing economic activities. He added:
Partnership with Aptos
Tether recently partnered with the Aptos Network to launch the USDT stablecoin on its platform. Tether plans to harness Aptos’ blockchain technology, which is recognized for its outstanding speed and scalability, thus providing a more robust platform for users. Integrating USDT into the Aptos blockchain aims to enhance the network’s appeal while providing users with Tether’s reliability and stability.
Tether’s dirham-pegged stablecoin adds to its list of fiat-pegged tokens, including USDT and EURT. Tether continues to hold its position as the largest issuer of stablecoins by market capitalization. However, with Ripple stepping into the stablecoin market with its RLUSD stablecoin, upcoming competition promises to be exciting.
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