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Tether, the largest stablecoin provider in the cryptocurrency industry, has announced plans to launch a new stablecoin pegged to the United Arab Emirates dirham (AED).
According to the official statement, the new stablecoin will be launched in collaboration with UAE-based Phoenix Group PLC and Green Acorn Investments Ltd.
The new stablecoin pegged to the United Arab Emirates dirham (AED) will join Tether’s stablecoin roster, which includes USDT, EURT, CNHT, MXNT, XAUT, and aUSDT.
Tether’s latest stablecoin is a digital representation of the United Arab Emirates dirham, with each token fully backed by liquid UAE-based reserves.
The newly issued stablecoin will also adhere to Tether’s transparent and robust reserve standards.
Tether’s Dirham-pegged stablecoin will provide users with seamless and cost-effective access to the benefits of AED, while also benefiting from the transparency and efficiency of blockchain technology.
This new stablecoin will facilitate international trade and money transfers, reduce transaction fees and provide a hedge against currency fluctuations, thus playing a key role in the financial ecosystem of the UAE and beyond.
Tether CEO Paolo Ardoino said:
“We are delighted to announce this initiative to enhance Tether’s Dirham-pegged stablecoin and add to our stablecoin offering.
The United Arab Emirates is becoming a major global economic hub and we believe our users will find our Dirham-pegged token to be a valuable and versatile addition.
“Tether’s dirham-pegged stablecoin is set to become a must-have tool for businesses and individuals looking for a safe and efficient way to transact in the UAE dirham, whether for cross-border payments, trading, or simply diversifying their digital assets.”
Tether announced on August 19 that it has launched USDT on the Aptos blockchain with the aim of improving global digital currency access and usage while reducing transaction costs.
*This is not investment advice.