Tether’s USD₮ Recognized as an Accepted Virtual Asset in Abu Dhabi Global Market
Integration Expands Opportunities for Licensed Entities with Support Across Ethereum, Solana, and Avalanche
10 December 2024 – Tether, the leading stablecoin issuer, has achieved a significant milestone with its USD₮ stablecoin now recognized as an Accepted Virtual Asset (“AVA”) by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). This approval enables FSRA-authorized entities to provide pre-approved services utilizing USD₮, solidifying the UAE’s position as a global hub for digital asset innovation.
This move aligns with the UAE’s proactive efforts to merge traditional and digital finance, bolstered by its stable economic foundation tied to the dirham’s peg to the U.S. dollar. USD₮, currently valued at a market cap exceeding $138 billion and serving over 400 million users globally, enhances this stability by acting as a reliable bridge between fiat currencies and the burgeoning digital economy.
Since 2022, cryptocurrency adoption in the UAE has surged, with cities like Abu Dhabi and Dubai spearheading global advancements in blockchain technology and crypto innovation. The UAE’s progressive regulatory environment continues to foster a thriving digital asset ecosystem, attracting investments and positioning the region as a leader in financial modernization.
Paolo Ardoino, CEO of Tether, commented:
“This milestone underscores Tether’s dedication to advancing global financial inclusion and innovation. By integrating USD₮ into ADGM’s regulated framework, we reaffirm the importance of stablecoins as essential tools for modern finance. The UAE’s forward-thinking regulatory approach sets a global standard, and we are proud that USD₮ can contribute to driving economic growth and digital transformation in the region. This approval emphasizes our commitment to building secure, efficient bridges between traditional and decentralized financial systems.”
The FSRA’s recognition of USD₮ as an Accepted Virtual Asset is a landmark moment, ensuring the stablecoin meets ADGM’s stringent standards. This endorsement paves the way for seamless integration into the services of licensed entities within ADGM, further supporting the UAE’s strategy to diversify and modernize its financial landscape.
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Filed under: News - @ December 10, 2024 2:24 pm