Tether’s USDT gains approval as an Accepted Virtual Asset in Abu Dhabi’s financial ecosystem.
UAE’s regulatory approach boosts digital asset innovation, positioning it as a crypto hub.
Tether plans a Dirham-pegged stablecoin, supporting UAE’s vision as a global financial leader.
Tether's USDT has received approval from the Financial Services Regulatory Authority (FSRA) as an Accepted Virtual Asset in the Abu Dhabi Global Market (ADGM).
https://twitter.com/ibcgroupio/status/1866653330208067976
This significant development allows FSRA-licensed entities to offer services involving USDT under ADGM's regulated framework. This marks a key moment in the UAE's digital asset landscape.
UAE's Growing Role in Digital Finance
The UAE has increasingly positioned itself as a leader in cryptocurrency and blockchain innovation. The approval of Tether’s USDT by the ADGM highlights the region’s commitment to integrating digital currencies into its financial system.
As of 2022, the UAE has seen a surge in cryptocurrency adoption, with cities like Abu Dhabi and Dubai emerging as crypto hubs.
A Bridge Between Traditional and Digital Economies
USDT, with a market cap surpassing $138 billion, plays a vital role in bridging traditional fiat systems and digital economies. As the world’s most widely used stablecoin, USDT provides a stable and trusted alternative for over 400 million global users. This aligns with the UAE’s economic stability, with the dirham pegged to the U.S. dollar.
Paolo Ardoino, CEO of Tether, emphasized the milestone as a step toward global financial inclusion. He stated that the approval reaffirms the importance of stablecoins in modern finance and positions USDT at the forefront of ADAM's regulated environment. He further noted that the UAE’s regulatory approach is setting a global benchmark.
Future Developments and Collaborations
In August, Tether announced plans to launch a Dirham-pegged stablecoin, reflecting its commitment to supporting the UAE's broader economic vision. This expansion shows Tether’s dedication to driving the region’s digital transformation.
The ADGM is also working with Polygon Labs to implement a global token disclosure process for the Web3 ecosystem. This initiative aims to strengthen blockchain trust and transparency, further enhancing Abu Dhabi’s reputation as a global leader in blockchain innovation.
Hamad Al Mazrouei, CEO of ADGM's Registration Authority, noted that the collaboration with Polygon Labs would set new standards for token issuance.
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