Tether (USDT) and Phoenix Group Collaborate to Launch Stablecoin Pegged to UAE Dirham

Introducing Tether’s Newest Venture: A UAE Dirham-Pegged Stablecoin

Tether, a prominent player in the digital asset industry, has recently made waves by announcing plans to launch a new stablecoin linked to the United Arab Emirates Dirham (AED). In a strategic move, Tether has partnered with Phoenix Group PLC, a leading UAE tech conglomerate, and Green Acorn Investments Ltd to bring this innovative project to fruition.

This new stablecoin offering will expand Tether’s already impressive portfolio, which includes stablecoins pegged to major currencies like USD, EUR, CNH, and more. The AED-pegged token will adhere to stringent regulatory standards set by the UAE Central Bank’s Payment Token Services Regulation, demonstrating Tether’s commitment to compliance and transparency.

Key Features and Benefits of the AED-Pegged Stablecoin

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One of the standout features of Tether’s AED-pegged stablecoin is its full backing by liquid reserves located in the UAE. This backing, combined with Tether’s proven reserve standards, will ensure stability and reliability for users of the token. By leveraging blockchain technology, the stablecoin aims to streamline international transactions, reduce fees, and mitigate the impact of currency fluctuations for individuals and businesses alike.

Insights from Industry Leaders

Paolo Ardoino, CEO of Tether, expressed his enthusiasm for the project, stating, “We’re excited to introduce this new Dirham-pegged stablecoin as a valuable addition to our lineup. The UAE is a growing economic powerhouse, and we believe our users will benefit greatly from this innovative offering.”

Seyedmohammad Alizadehfard, Co-Founder and Group CEO of Phoenix Group, echoed this sentiment, saying, “We are proud to collaborate with Tether on launching a Dirham-pegged stablecoin that has the potential to revolutionize the digital economy in the UAE and beyond.”

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Market Trends and Future Outlook

The stablecoin market is currently valued at $150 billion globally, with Tether’s USD-pegged stablecoin leading the way with a market cap exceeding $115 billion. Analysts predict that the industry could grow to $2.8 trillion by 2028, highlighting the immense potential for growth in the digital asset space. The UAE, in particular, has seen a surge in cryptocurrency adoption since the establishment of the Virtual Asset Regulatory Authority, positioning itself as a key player in the crypto and blockchain sectors.

For more information on Tether’s upcoming AED-pegged stablecoin and its technical specifications, be sure to visit the official Tether website at www.tether.io. Stay tuned for updates on this exciting development and join us in exploring the future of digital assets in the UAE and beyond.

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