Leading stablecoin issuer Tether has announced its plans to develop a new stablecoin pegged to the United Arab Emirates Dirham (AED). Tether is the firm behind the globally-recognized USDT stablecoin.
Tether CEO Speaks On Latest Addition To Its Fleet Of Stablecoins
JUST IN: 🇦🇪 Tether to launch a stablecoin pegged to the UAE currency.
— Watcher.Guru (@WatcherGuru) August 21, 2024
Tether’s CEO, Paolo Ardoino, mentioned the announcement in a press release. He said, “We’re pleased to announce this initiative to develop Tether’s Dirham-pegged stablecoin, adding to our range of stablecoin options.”
Regarding the UAE’s rise as a fast-emerging crypto hub, Ardoino added, “The United Arab Emirates is becoming a significant global economic hub, and we believe our users will find our Dirham-pegged token a valuable and versatile addition.
Tether’s Dirham-pegged stablecoin is set to become an essential tool for businesses and individuals looking for a secure and efficient means of transacting in the United Arab Emirates Dirham whether for cross-border payments, trading, or simply diversifying one’s digital assets”.
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The press release states that the AED-pegged stablecoin is being created in conjunction with UAE-based tech conglomerate Phoenix Group PLC and Green Acorn Investments Ltd. The token will join Tether’s ever-growing fleet of stablecoins.
Currently, it operates tokens pegged to the US Dollar, Euro, Chinese Yuan, and the Mexican Peso.
Phoenix Group’s Co-Founder and Group CEO, Seyedmohammad Alizadehfard has also spoken on the partnership with Tether.
In the joint-statement, he said “We are thrilled to be working with Tether on bringing a UAE Dirham-pegged stablecoin to the market and are confident of its potential in transforming the digital economy for users across the region and beyond”.
A Brief History Of Crypto In The UAE
The UAE going even more full-blown crypto than they already were:
– Hub for crypto companies
– Very friendly tax regime
– Wages can be legally paid out in crypto
– Dirham-pegged stablecoinBased https://t.co/TqoM0iAFaj
— Quinten | 048.eth (@QuintenFrancois) August 21, 2024
This stablecoin initiative with Tether comes as the UAE continues to position itself as a hub for cryptocurrency and blockchain innovation. Since 2022, the country has seen a surge in crypto investment, partly attributed to establishing the Virtual Asset Regulatory Authority (VARA) in Dubai.
Many key players in the digital asset space have praised the UAE’s pro-crypto stance.
In 2023, Coinbase CEO Brian Armstrong praised the country’s forward-thinking approach to digital assets. Binance also previously earmarked the region as a focal point for the crypto industry.
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