Tether has announced plans to launch a new stablecoin backed by the United Arab Emirates Dirham (AED). This program was launched in cooperation with the UAE’s Phoenix Group and Green Acorn Investments to enhance remittance services.
The new stablecoin will be fully backed by UAE-based reserves so that the value will be equal to the AED.
Tether Expands into the UAE Market
USDT issuer Tether’s entry into the UAE market is a strategic decision that aims to harness the Middle East’s potential. The dirham-pegged stablecoin will give users a cheap and efficient method of accessing AED and hence reduce transaction costs while protecting against rate fluctuations.
Tether to Develop UAE Dirham-Pegged Stablecoin
Read more:https://t.co/dkiDAI0y15
— Tether (@Tether_to) August 21, 2024
Subsequently, this launch aligns with the goal to add stablecoins and meet the UAE market requirements.
Concurrently, the UAE witnessed an uptick in the use of crypto, boosted by measures such
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