Exciting news! Tether, the largest stablecoin issuer, is launching a stablecoin pegged to the UAE dirham (AED) in partnership with Phoenix Group and Green Acorn Investments ¹. This new token, backed by liquid UAE-based reserves, aims to provide a secure and efficient means of transacting in AED, streamlining international trade and remittances while reducing transaction fees ².
Key Highlights:
- Partnership: Tether collaborates with Phoenix Group, a multibillion-dollar tech conglomerate, and Green Acorn Investments ³.
- Regulatory Compliance: The stablecoin will comply with the UAE Central Bank's Payment Token Services Regulation ⁴.
- Benefits: Secure transactions, hedge against currency fluctuations, and reduced transaction fees ⁵.
- Global Accessibility: The dirham-pegged stablecoin will be accessible globally, rooted in the UAE's economic strength and stability ⁴.
CEO Insights:
Paolo Ardoino, Tether's CEO, emphasizes the significance of this addition, citing the UAE's growing economic hub status and the stablecoin's potential to transform the digital economy ⁴.
Market Impact:
This launch aligns with the UAE's crypto-friendly stance, fostering innovation and growth in the digital assets landscape. The global stablecoin market, valued at $150 billion, is expected to reach $2.8 trillion by 2028 ³.
Stay tuned for updates on this groundbreaking initiative!
