Tether Joins UAE Giants to Launch AED-Pegged Stablecoin
The post Tether Joins UAE Giants to Launch AED-Pegged Stablecoin appeared on BitcoinEthereumNews.com.
Tether has announced plans to launch a stablecoin pegged to the United Arab Emirates Dirham (AED). The token will be fully backed by liquid reserves based in the UAE, ensuring stability for users. Stablecoins have become a key sector in the crypto space, with Tether’s USDT leading in revenue generation, earning $93.75 million. Tether to Launch AED-Backed Stablecoin Tether has partnered with Phoenix Group PLC, a UAE-based multi-billion dollar technology conglomerate, along with support from Green Acorn Investments Ltd., to launch a stablecoin pegged to the UAE Dirham (AED). The new token will join Tether’s existing stablecoin offerings, including USDT, EURT, CNHT, MXNT, XAUT, and aUSDT. “Tether’s Dirham-pegged stablecoin will provide users with a seamless and cost-effective means of accessing the benefits of the AED. The digital asset will streamline international trade and remittances, reduce transaction fees, and provide a hedge against currency fluctuations. Thus, it will play a crucial role in the financial ecosystem of the UAE and beyond,” the announcement read. Tether’s move is aimed at boosting liquidity in crypto market and offering more choices for traders. This development could positively impact the broader cryptocurrency ecosystem by attracting more regional investors and businesses. Additionally, given Bitcoin’s historical positive correlation with USDT’s market cap, this expansion could potentially drive Bitcoin’s price as well. Read more: 9 Best Crypto Wallets to Store Tether (USDT) Tether’s interest in the UAE aligns with the region’s supportive stance on cryptocurrency and blockchain technology. The UAE has been proactive in establishing regulatory frameworks to oversee the use of digital assets. “Very excited for the UAE Dirham-Pegged stablecoin. The opportunity is immense,” Ardoino wrote. The UAE has solidified its reputation as a crypto-friendly destination, attracting a growing number of businesses involved in this space. Dubai, in particular, has become a key hub for blockchain activities, hosting…
Filed under: News - @ August 21, 2024 11:25 pm