Tether Unveils New Stablecoin Tied to UAE Dirham
Tether is launching a new stablecoin pegged to the UAE Dirham (AED), fully supported by UAE-based reserves.
This move is set to provide users with a stable financial tool and enhance liquidity in the crypto market.
The stablecoin, developed in collaboration with Phoenix Group PLC and Green Acorn Investments Ltd., will be integrated into Tether’s existing lineup, which includes several other stablecoins.
The AED-backed token aims to facilitate international transactions, lower fees, and offer protection against currency fluctuations.
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This initiative reflects Tether’s strategy to expand its presence in the UAE, a region known for its supportive stance on cryptocurrencies and blockchain technology. Dubai, in particular, has emerged as a significant hub for crypto activities, supported by local regulatory advancements.
The introduction of this stablecoin could potentially influence broader market dynamics, including Bitcoin prices, given Tether’s historical impact. As the stablecoin market continues to grow, with overall supply reaching new highs, Tether’s new product is expected to contribute to this trend.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
