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Tether to Launch New Stablecoin Pegged to UAE Dirham (AED)
Tether, a leading global stablecoin issuer, is planning to roll out a new stablecoin pegged 1:1 to the value of the United Arab Emirates Dirham (AED). According to a Wednesday announcement, the upcoming product will be fully backed by liquid UAE-based reserves, in line with the company’s standards to “ensure stability and trust in its value.”
The new stablecoin is currently in its early development stage. Tether has partnered with Phoenix Group PLC, a prominent tech conglomerate in the Arab region, and Green Acorn Investments Ltd to bring the stablecoin to market.
A Transformative Impact
Together, the three companies are working to ensure that the Dirham-pegged stablecoin, which serves as a digital representation of the fiat currency, maintains its stability and remains constantly on par with the reserve assets.
Seyedmohammad Alizadehfard, co-founder of Phoenix Group, believes the digital asset wi
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