Tether, the major stablecoin issuer, has announced plans to launch a new stablecoin pegged to the United Arab Emirates Dirham (AED). This initiative, in collaboration with the UAE-based Phoenix Group, aims to provide a secure and efficient means of transacting in AED, catering to both businesses and individuals. The new stablecoin will be fully backed by liquid UAE-based reserves and is expected to leverage the UAEās favorable regulatory environment for cryptocurrencies. This development marks a significant step in expanding Tetherās range of stablecoins and enhancing the adoption of digital assets in the Middle East. Additionally, Tether recently invested $3 million in Kem App to boost USDT usage in the region.
Tether to Launch UAE Dirham-Pegged Stablecoin
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