Tether, in partnership with Phoenix Group and Green Acorn, plans to launch a UAE dirham-pegged stablecoin, aiming for UAE Central Bank licensing.
In partnership with Phoenix Group and Green Acorn Investments, Tether intends to introduce a new stablecoin that is linked to the United Arab Emirates dirham.
The token will “be the first to pursue licensing under the UAE Central Bank’s recently announced Payment Token Services Regulation,” according to a press release.
The dirham-pegged stablecoin will offer consumers a more transparent and cost-effective method of accessing the currency, as well as a hedge against currency fluctuations, according to Tether.
“We’re pleased to announce this initiative to develop Tether’s Dirham-pegged stablecoin, adding to our range of stablecoin options,” Tether CEO Paolo Ardoino said.
“The United Arab Emirates is becoming a significant global economic hub, and we believe our users will find our Dirham-pegged token to be a valuable and versatile addition,” he said, stating: “Tether’s Dirham-pegged stablecoin is set to become an essential tool for businesses and individuals looking for a secure and efficient means of transacting in the United Arab Emirates Dirham whether for cross-border payments, trading or comply diversifying one’s digital assets.”
Tether’s stablecoin, which is anchored to the dirham, has been incorporated into the company’s stable of fiat-pegged tokens, which includes EURT and USDT.
Tether has been and continues to be the largest issuer of stablecoins in terms of market capitalisation for an extended period.
