One of the largest companies in the cryptocurrency industry, Tether, announced the launch of a new stablecoin pegged to the United Arab Emirates (UAE) dirham.
Launch of New Stablecoin
The new stablecoin pegged to the UAE dirham will be fully backed by liquid UAE-based reserves in accordance with Tether’s strong reserve standards. Each token will be tightly linked to the value of the UAE dirham, ensuring the preservation of this value. The stablecoin will provide users with access to the advantages of the UAE dirham while also offering the transparency and efficiency of blockchain technology.
Statements from Tether Representatives
Tether’s CEO Paolo Ardoino said, “The UAE is becoming a global economic hub, and we believe our users will see our token pegged to the UAE dirham as a valuable and versatile addition. Tether’s stablecoin pegged to the UAE dirham will become a safe and effective tool for cross-border payments, trade, or diversifying cryptocurrency portfolios for individuals and businesses.”
Market Prospects
The global stablecoin sector currently has a market value of $150 billion, with just USDt having a market value of over $115 billion. The sector is expected to reach a market value of $2.8 trillion by 2028.
Tether’s new stablecoin pegged to the UAE dirham promises to become a significant addition to the financial ecosystem within the UAE and beyond.
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