The post Can Tether’s Dirham Stablecoin Drive Crypto Adoption in UAE? appeared on BitcoinEthereumNews.com.

Word in the crypto world has it that the UAE is set to launch a Dirham-pegged stablecoin in partnership with Tether. According to a press release shared by Tether today, the new stablecoin will be launched in partnership with UAE-based Phoenix Group PLC and Green Acorn Investments Ltd. Paolo Ardoino Tetser’s CEO says, “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.” Tether’s Dirham Stablecoim sets stage in UAE Since Gary Gensler took over the US SEC, many crypto businesses have left the United States. The UAE took that opportunity to rebrand the nation as the next crypto global hub. Since the start of 2023, the UAE has taken steps to ease crypto use in the country, with many crypto execs like CZ moving to Dubai. In 2023, financial regulators in the UAE reached an agreement to officially allow and support crypto trading in an economic-free zone in Dubai. After that, on October 19, Ras Al Khaimah ruler Sheikh Saud bin Saqr Al Qasimi launched the new RAK Digital Assets Oasis (RAK DAO), an economic free zone committed to helping companies working in digital and virtual assets, blockchain, Web3, and artificial intelligence (AI). Also recently, the UAE’s Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) issued consultation paper No. 7 of 2024, which contains proposals to improve its regulatory framework to allow the ADGM to issue fiat-referenced tokens (FRTs) and invites public feedback and comments on the proposals. According to the statement, FRTs are a type of stablecoin that is backed by high-quality, liquid assets denominated in the same currency as the FRT and may be…

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Filed under: News - @ August 21, 2024 1:26 pm