Tether to Realese a Dirham-pegged Stablecoin in UAE

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The world’s largest stablecoin provider, Tether, has announced its upcoming launch of a new stablecoin pegged to the United Arab Emirates dirham (AED), in collaboration with UAE-based companies Phoenix Group andorn Investments.

This partnership aims to create a digital representation of the AED, fully backed by reserves in liquid assets located in the UAE, in line with Tether‘s transparent and stringent reserve standards.

The new stablecoin will provide stability and confidence in its value, as each token will be tied to the AED’s value.

This move by Tether will offer a cost-effective method for users to access the benefits of the AED, as well as streamline international trade and remittances, reduce transaction fees, and act as a hedge against currency fluctuations.