Tether, the largest stablecoin provider in the cryptocurrency industry, has announced plans to launch a new stablecoin pegged to the United Arab Emirates dirham (AED).
Partnership with UAE Companies
According to the official statement, the new stablecoin will be launched in collaboration with UAE-based Phoenix Group PLC and Green Acorn Investments Ltd.
Benefits of the New Stablecoin
The new stablecoin pegged to the United Arab Emirates dirham (AED) will join Tether’s stablecoin roster, which includes USDT, EURT, CNHT, MXNT, XAUT, and aUSDT. The newly issued stablecoin will be fully backed by liquid UAE-based reserves and will adhere to Tether’s transparent and robust reserve standards. It will provide users with seamless and cost-effective access to the benefits of AED, while also benefiting from the transparency and efficiency of blockchain technology.
Role in UAE Economy
This new stablecoin will facilitate international trade and money transfers, reduce transaction fees and provide a hedge against currency fluctuations, thus playing a key role in the financial ecosystem of the UAE and beyond. As noted by Tether CEO Paolo Ardoino, the new stablecoin is set to become a valuable tool for businesses and individuals looking for a safe and efficient way to transact in UAE dirhams, whether for cross-border payments, trading, or diversifying their digital assets.
Tether announced on August 19 that it has launched USDT on the Aptos blockchain with the aim of improving global digital currency access and usage while reducing transaction costs.
Comments