In a recent announcement, Tether, the company behind the popular USD-pegged stablecoin USDT, revealed plans to launch a new stablecoin called AEDT, pegged to the United Arab Emirates (UAE) dirham. This move is aimed at meeting the rising demand for UAE currency and providing an alternative to the U.S. dollar in the Gulf region.
Why a Dirham-Pegged Stablecoin?
Tether CEO Paolo Ardoino explained that AEDT is intended to offer an alternative to the dollar, especially as global trade starts to shift. He noted that many people outside the UAE are interested in holding dirhams due to the stability of the UAE economy. Currently, the dirham is pegged to the U.S. dollar, but there is growing interest in the dirham as a reliable currency.
AEDT for Trades
The AEDT stablecoin aims to simplify international trade and remittances, cut down transaction fees, and help protect users from currency fluctuations. This new offering could further strengthen the UAE’s position in the crypto world and attract more international users to the dirham.
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