Visit My Profile And Vote For Me
đ Whatâs Happening?
Tether, the issuer of USDT, is set to launch a new stablecoin pegged to the UAE Dirham (AED) in collaboration with Phoenix Group and Green Acorn.
đ° About the AED Stablecoin
âą Pegged 1:1 to the UAE Dirham
âą Backed by Reserves held within the UAE
âą Enables Seamless Access to AED via blockchain technology
âą Aims to Boost:
- International trade & remittances
- Lower transaction fees
- Hedge against currency fluctuations
đ Why the UAE Dirham?
Tether CEO Paolo Ardoino emphasizes UAEâs status as a global economic hub, stating that this Dirham-pegged stablecoin will be crucial for secure and efficient transactions in the region.
đ Regulatory Alignment
âą The launch aligns with Abu Dhabiâs Financial Services Regulatory Authority (FSRA) proposing a regulatory framework for fiat-referenced tokens (FRTs).
âą FRT issuers must maintain reserve assets equal to or exceeding the par value of all outstanding tokens daily.
đ UAE Crypto Market on the Rise
This move highlights the rapid growth of the crypto market in the UAE, reinforcing the regionâs position in the global financial landscape.
#BinanceBlockchainWeek #CryptoMarketMoves #MtGoxRepayments #PowellAtJacksonHole