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Tether Launches AED-Pegged Stablecoin: Collaboration Details

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by Giorgi Kostiuk

a year ago

  1. New Stablecoin Launch
  2. Support and Partnership
  3. Strategic Importance


    4. Leading stablecoin provider Tether announced the launch of a new stablecoin pegged to the United Arab Emirates Dirham (AED). This move significantly expands Tether’s activities in the rapidly growing blockchain market in the Middle East.

    New Stablecoin Launch

    The new stablecoin will be fully backed by the UAE’s liquid reserves, ensuring stability and fostering user confidence. It is planned to use this stablecoin for international payments, trading, and diversification of digital assets.

    Support and Partnership

    Tether will collaborate with the leading UAE technology company Phoenix Group and receive financial backing from Green Acord investments. The goal of this partnership is to raise the standards for digital assets in the region.

    We see great potential in our collaboration with Tether for digital assets in the UAE.Seyedmohammad Alizadehfard, Co-founder and Group CEO of Phoenix Group

    Strategic Importance

    According to Paolo Ardoino, CEO of Tether, the launch of an AED-based stablecoin will offer a safe and efficient mechanism for transactions in the UAE. This initiative aligns with the Payment Token Services Regulation of the UAE Central Bank, establishing guidelines for digital assets.

    We are excited to offer a new opportunity for users in the region where blockchain technologies are rapidly evolving.Paolo Ardoino, CEO of Tether

    The development of blockchain technologies in the UAE makes cities like Dubai and Abu Dhabi global centers of cryptocurrency innovation. The partnership between Tether and Phoenix Group and the launch of the AED-pegged stablecoin demonstrate Tether’s commitment to setting high standards for digital assets amid the growing cryptocurrency industry.

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