GetBlock Magazine - What happened? Tether, the issuer of the largest stablecoin USDT with a capitalization of $111.2 billion, has entered into a partnership with a free economic zone for crypto companies in the emirate of Ras al-Khaimah called RAK Digital Assets Oasis (RAK DAO). The press release notes that this is the first step towards launching strategic initiatives aimed at introducing blockchain technologies and stable coins in the region.
Press release
What else is known? Tether, as a partner of RAK DAO, will promote the introduction of crypto-payments in the region and develop educational programs on blockchain technologies.
Launched in early 2023 to stimulate innovation, RAK DAO is focused on types of cryptocurrency activities for which a comprehensive regulatory framework has not yet been developed. Digital asset and Web 3.0 service providers must register to operate in this economic zone.
It is noted that at the moment RAK DAO is the first and only zone in the world for crypto firms, free from common law. It has already attracted over 100 industry companies, and as part of the collaboration, Tether will help them expand their opportunities for growth and innovation.
In April, as a result of the reorganization, Tether separated four main business units, including Tether Edu, focused on providing educational services. In collaboration with RAK DAO, the division will develop initiatives for people of varying skill levels, covering cutting-edge areas such as Bitcoin, blockchain, peer-to-peer technologies, stable coin adoption, and real-world use cases for cryptocurrencies.
Tether CEO Paolo Ardoino believes that the emirate of Ras Al Khaimah has the potential to become a leading regional hub for blockchain technology and innovation, adding that “Tether is committed to partnering with RAK DAO to make this dream a reality.”
“By harnessing the power of Bitcoin and cryptocurrency technology, we aim to drive economic growth, promote financial inclusion and position RAK DAO as a global leader in the digital economy,” said RAK DAO CEO Dr. Samir Al Ansari.