- Tether has teamed up with Phoenix Group and Green Acorn Investments to bring a Dirham-pegged stablecoin to the UAE.
- The stablecoin will ensure quick and cost-efficient transactions and remittances as interest in the AED rises worldwide.
As a seasoned crypto investor with roots in both the East and West, I find Tether’s latest venture into the UAE market to be a promising step forward for the global digital asset landscape. Having witnessed firsthand the potential of blockchain technology to revolutionize financial systems, I am particularly excited about the launch of an AED-pegged stablecoin in a country that has been at the forefront of crypto adoption and innovation.
As a crypto investor, I’m excited about the news that Tether, the leading stablecoin issuer, plans to launch a new stablecoin tied to the United Arab Emirates Dirham (AED). This move will provide an attractive option for the growing number of UAE crypto users, as it will offer a stablecoin directly linked to their local currency. This could potentially speed up the adoption of cryptocurrencies in the region, which is already known for its progressive digital asset regulations and commitment to advancing Web3 innovation.
Tether plans to collaborate with two regional partners – Phoenix Group, a company specialized in mining and blockchain, and Green Acorn Investments, an investment firm. Together, they aim to introduce a stablecoin. This partnership will grant Tether access to UAE Dirham (AED) reserves, allowing for smooth conversion of these reserves into digital form on the blockchain. The statement issued reads, “In line with Tether’s commitment to transparency and strong reserve practices, each AED-backed token is linked to the value of the AED, ensuring stability and faith in its worth.”
In addition, Paolo Ardoino, CEO of Tether, stated that the primary goal is to offer flexibility towards the US dollar with an AED-backed stablecoin. This was expressed during an event in Dubai. Moreover, he pointed out that the demand for AED outside the UAE is growing, indicating a rising fascination with the currency and its potential to serve as a popular choice for transactions in international trade deals. In essence, he emphasized that there’s a significant interest in keeping AED assets outside of the UAE.
With this innovative stablecoin, institutions, businesses, and individuals can now enjoy smoother transactions involving AED at significantly reduced costs compared to conventional methods. As stated in the press release, it’s designed to simplify international trade and remittances, minimize transaction fees, and offer protection against currency volatility.
Tether Is Working to Ensure Transaction Efficiency
Adhering to the same concept, Tether introduced their USDT token on the swift and cost-effective layer-1 Aptos network. This move allows for minimal transaction fees, often just pennies, which opens up a wide range of possibilities for USDT and cryptocurrency in general. Applications such as microtransactions and more could be facilitated by this development.
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2024-08-22 12:28