Tether Collaborates with Phoenix Group and Green Acorn to Launch a Stablecoin Tied to the Dirham
In Brief
Tether is gearing up to roll out a new stablecoin that will be linked to the UAE Dirham, thanks to a partnership with Phoenix Group and Green Acorn Investments.
As the issuer of the USDT, a stablecoin linked to the US dollar, Tether has announced plans to launch a stablecoin that is pegged to the United Arab Emirates Dirham (AED). This new cryptocurrency will be developed in partnership with Phoenix Group PLC, a leading tech conglomerate, and supported by Green Acorn Investments. Moreover, it aims to obtain licensing according to the UAE Central Bank’s Payment Token Services Regulation.
Paolo Ardoino, Tether's CEO, expressed his excitement about this initiative in an official statement, emphasizing the company's commitment to broadening its stablecoin offerings. He remarked on the UAE's rise as a key player in the global economy and expressed confidence that the Dirham-pegged token will be a valuable and widely embraced tool for users.
The forthcoming stablecoin will serve as a digital equivalent of the AED, ensuring that every token is fully backed by liquid reserves held within the UAE. This digital currency is expected to enhance international trade and remittances, reduce transaction costs, and provide a safeguard against fluctuations in currency values.
Since 2022, the adoption of cryptocurrencies within the UAE has surged significantly due in large part to the establishment of the Virtual Asset Regulatory Authority (VARA), which is recognized as the first independent cryptocurrency regulatory body globally. This progressive regulatory environment has propelled cities like Dubai and Abu Dhabi into the spotlight as leading hubs for cryptocurrency innovation and blockchain advancements. Tether Introduces aUSDT As a New Product in Its Stablecoin Lineup
This firm, known as iFinex, is registered in Hong Kong and manages the Bitfinex cryptocurrency exchange. On this platform, a variety of currencies are supported, including the US dollar, Euro, Mexican peso, offshore Chinese yuan, and even Gold, through Tether Tokens such as USDT, EURT, CNHT, MXNT, XAUT, along with aUSDT. Each of these tokens maintains a one-to-one peg with its respective fiat currency and is fully supported by Tether’s reserves.
, an over-collateralized on-chain token combined with XAUT, which blends the reliability of the US dollar with the intrinsic value of gold.
Recently, Tether launched aUSDT , it's essential to clarify that the details provided on this page are not meant to serve as legal, tax, investment, financial, or any other form of advice. Only invest what you can comfortably afford to lose, and if you have any concerns, it's wise to consult an independent financial advisor. For more comprehensive details, we recommend checking the terms and conditions as well as the support resources made available by the issuer or promoter. MetaversePost is dedicated to delivering precise and impartial news, but keep in mind that market conditions can shift without prior notification.
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