1. Tether’s Presence in the Middle East
2. Tether’s Investments Beyond Stablecoins
3. Tether Dominates the Stablecoin Market

Tether, the issuer of the popular stablecoin USDT, has announced plans to expand its suite of stablecoins with a new token pegged to the United Arab Emirates Dirham (AED). The launch will be conducted in partnership with Phoenix Group PLC and Green Acorn Investments Ltd.

Tether’s Presence in the Middle East

This move highlights Tether’s ambition to establish a stronger presence in the Middle East. Tether offers users access to the economic benefits of the AED through a digital asset backed by blockchain technology. The upcoming Dirham-pegged stablecoin will join Tether’s existing portfolio of fiat-backed digital currencies, which includes USDT, EURT, XAUT, CNHT, and aUSDT. This new stablecoin will provide users with secure, transparent, and efficient transactions, allowing them to leverage the stability of the Dirham in a digital format. Phoenix Group PLC’s vast resources and technological expertise will play a crucial role in the successful rollout of this stablecoin, which could pave the way for further innovation in the country’s digital economy.

Tether’s Investments Beyond Stablecoins

In June, Tether expanded its services across other industries, including Artificial Intelligence (AI). The USDT issuer invested $18.75 million into blockchain-enabled financial institution XREX Group. The fund injection is crucial to XREX’s next moves, which involve streamlining financial institutions in emerging markets and offering businesses increased efficiency and reduced costs. XREX also intends to work with the Unitas Foundation to introduce the United States dollar-pegged stablecoin over reserved with Tether Gold (XAUt), dubbed XAU1.

Tether Dominates the Stablecoin Market

Tether, originally launched in 2014, operated blockchain networks like Ethereum (ETH) and Tron, providing users with a digital token pegged to the value of fiat currencies. In March, Tether made headlines as its circulating supply neared 100 billion tokens, reflecting growing demand for stablecoins in the crypto market. In the first quarter of 2024, Tether reported a record net profit of $4.52 billion.

With the launch of a new AED-pegged stablecoin, Tether continues to strengthen the digital currency market by offering stable and secure financial instruments to users.