- Plans for the New Stablecoin
- Partnership with UAE Tech Giant
- Significance of the Development for the Crypto Market
Investors in the cryptocurrency market have taken notice of the latest declaration from top stablecoin issuer Tether. The company announced plans to create and release a stablecoin linked to the UAE Dirham.
Plans for the New Stablecoin
The USDT issuer recently announced in an X post its plans to create and release a stablecoin linked to the United Arab Emirates Dirham (AED). Leveraging the increasing use of blockchain technology in the Middle East, the company has taken a giant leap forward in its expansion plans in the area. The new stable token will be backed by UAE-based liquid reserves, ensuring its stability.
Partnership with UAE Tech Giant
To create its stablecoin, the company announced a partnership with the UAE’s tech giant, Phoenix Group, and received backing from Green Acorn Investments. According to CEO Paolo Ardoino, the company has a great chance to capitalize on the growing demand for safe and efficient Dirham transactions brought about by the UAE's status as a global economic powerhouse. Additionally, the company stated that the stablecoin would serve multiple purposes, including international payments, trading, and digital asset diversification.
Significance of the Development for the Crypto Market
The release emphasizes that this move shows the company's dedication to becoming a pioneer in the field of payment token services. This development comes at a time when the UAE is striving hard to outperform other nations to be the global crypto hub.
The launch of a stablecoin pegged to the UAE Dirham is a significant step in Tether's global growth plans. This development could change the cryptocurrency market in the Middle East and strengthen the company's position as a leader in blockchain technology and payment tokens.
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