Tether to launch new stablecoin pegged to UAE dirham, supported by central bank

From Investing Jungle
August 21, 2024 08:41:15 AM:

Tether, known for the $114 billion USDT token, is set to launch a new stablecoin pegged to the UAE. The yet-to-be-named stablecoin will partner with UAE firms and be fully backed by UAE reserves, providing stability and trust in its value. The move aims to simplify international trade, lower transaction fees, and hedge against currency fluctuations.

This initiative is supported by the UAE’s central bank, which has greenlit the regulation of stablecoins backed by real assets, such as the UAE dirham. The UAE is striving to establish itself as a crypto leader through its Financial Infrastructure Transformation Programme. Current regulations oversee stablecoins not linked to the dirham, paving the way for a more comprehensive framework.

Tether’s expansion into the UAE marks its continued diversification beyond USDT. The company recently launched USDT on the Aptos blockchain to reduce gas fees drastically. With USDT available on various blockchains, including Tron and Ethereum, Tether’s presence in the market continues to grow steadily.

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