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Tether to Launch UAE Dirham-Pegged Stablecoin with Phoenix Group and Green Acorn Investments

Aug 21, 2024, 11:57 AM

Tether, the issuer of the world's largest stablecoin USDT, has announced plans to launch a new stablecoin pegged to the United Arab Emirates dirham (AED). This initiative is in collaboration with Phoenix Group PLC and Green Acorn Investments, and was announced during an event in Dubai. The stablecoin aims to comply with the UAE's Payment Token Services Regulation and is intended to facilitate international trade and remittances. The move is seen as an effort to tap into the growing demand for Gulf currencies and provide an alternative to the U.S. dollar. Tether's CEO, Paolo Ardoino, emphasized the stability and safety of the dirham, predicting it will become a preferred currency in the region. The new stablecoin will be fully backed by liquid UAE-based reserves.