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Tether, the leading stablecoin issuer, is set to launch a new digital currency tied to the UAE dirham (AED).
The initiative is in partnership with UAE firms Phoenix Group and Green Acorn Investments. The goal is to create a stablecoin backed by UAE reserves, offering a reliable digital version of the dirham.
This move is part of Tether’s broader expansion into the UAE financial market, providing a cost-effective way for users to engage with the AED. The new stablecoin is expected to facilitate smoother international trade and remittances while reducing fees and protecting against currency fluctuations.
Paolo Ardoino, Tether’s CEO, expressed enthusiasm for adding this dirham-backed option to the company’s stablecoin lineup, highlighting the UAE’s growing role as a global economic center.
The collaboration with Phoenix Group underscores Tether’s commitment to delivering practical financial tools for businesses and individuals. The rising adoption of cryptocurrencies in the UAE, driven by regulatory developments, further supports this venture.
In another recent move, Tether expanded its USDT stablecoin to the Aptos blockchain. This integration is aimed at reducing transaction costs on the platform, making USDT transactions more affordable for a wide range of users.