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Tether to Launch Dirham-Pegged Stablecoin in the UAE

Tether, the world's largest stablecoin issuer, is set to introduce a new stablecoin pegged to the UAE Dirham (AED). This launch is in partnership with the UAE-based Phoenix Group PLC and Green Acorn Investments Ltd., with the stablecoin fully backed by UAE-based reserves. The primary goal is to simplify international trade, lower transaction costs, and offer a stable currency option in a region known for its economic volatility.

This initiative aligns with the UAE's growing influence in the global crypto and blockchain industry, supported by favorable regulations and the newly established Virtual Asset Regulatory Authority. The Dirham-pegged stablecoin will join Tether’s existing lineup, which includes coins linked to the US Dollar, Euro, and more, further solidifying the UAE’s position as a leader in the blockchain space.