Tether has announced that USDT has been recognized as an Accepted Virtual Asset (“AVA”) on the Abu Dhabi Global Market (“ADGM”). The company is taking important steps to build strong relationships with regulators.
The investigation claims brought up by the WSJ have not yet been confirmed by official sources. Tether, the largest stablecoin in terms of market value and investor acceptance, has made an important statement recently. Amid the recent quarterly increase in cryptocurrency markets, companies are announcing positive news one after another.
Tether, which has been struggling to overcome its regulatory issues for years, has taken various steps to reverse this situation over the past few years. The company has taken measures ranging from converting its reserves to safer assets to expanding its legal and compliance department. Today’s announcement concerns the approval of USDT.
Tether said in a statement: “Tether is pleased to announce that USDT has been accepted as an Accepted Virtual Asset (“AVA”) on the Abu Dhabi Global Market (“ADGM”) by the Financial Services Regulatory Authority (“FSRA”). This approval will enable Authorized Persons licensed and operating by FSRA to provide approved services related to USDT and will advance digital asset innovation in the region. This announcement comes at a time of increasing digital currency adoption in the United Arab Emirates and reflects the country’s proactive approach to integrating traditional and digital finance.”
Tether has achieved significant success with over 400 million users and a market cap of $138 billion. The company is establishing a more solid foundation by eliminating potential legal issues along with regulatory approvals. Previously, USDT had difficulties operating in Europe due to its failure to obtain the necessary approvals for MiCA compliance.
“This milestone reinforces Tether’s commitment to driving global financial inclusion and innovation,” Tether CEO said in today’s announcement. “Bringing USDT to the forefront of ADGM’s regulated virtual asset framework not only confirms the importance of stablecoins as critical tools for modern finance, but also opens new opportunities for collaboration and growth in the Middle East.”
Bitcoin (BTC) price continues to trade at $97,500, while the total market value of cryptocurrencies has fallen to $3.45 trillion. The fear and greed index has fallen to 76, while BTC’s market dominance has once again exceeded 56%. The good news is that Ethereum (ETH) is targeting $3,800 again and BTC is showing resistance without looking for deeper declines. Altcoin investors may see more volatility depending on how the market reacts after the US inflation data to be released in the next 24 hours.