Tether services can now be offered by authorized firms on the Abu Dhabi Global Market, the company said in a statement on Tuesday.
What you need to know:
Tether’s stablecoin USD₮ has been recognized as a virtual asset on the Abu Dhabi Global Market (ADGM), the company announced.
The company's CEO, Paolo Ardoino, said they want to expand in the Middle East.
Tether’s stablecoin, USD₮, has been recognized as a virtual asset accepted on the Abu Dhabi Global Market (ADGM), the company announced on Tuesday.
The approval from the Financial Services Regulatory Authority means that licensed companies can offer pre-approved USD₮ services on Abu Dhabi’s Global Market. However, the announcement did not specify what those approved services might be. CoinDesk has reached out to Tether for comment.
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The statement noted that Tether’s USD₮ has surpassed the $138 billion market cap, but the company intends to continue its growth.
“By bringing USD₮ to the forefront of ADGM’s regulated virtual asset framework, we are not only validating the importance of stablecoins as critical tools for modern finance, but also opening new doors for collaboration and growth across the Middle East,” Tether CEO Paolo Ardoino said in a press release.
The United Arab Emirates has been praised for being a crypto hub. Its capital, Abu Dhabi, began regulating crypto activities, including those conducted by exchanges and custodians, in 2018, ahead of most regulators. The European Union will begin implementing its rules in the coming days, and the UK will do so by 2026.
