Tether Expands Global Reach with UAE Dirham-Pegged Stablecoin
Tether is set to launch a stablecoin pegged to the UAE dirham (AED) in partnership with the UAE's Phoenix Group and Green Acorn Investments. This new stablecoin, fully backed by UAE-based liquid reserves, is designed to streamline international trade and remittances, offering lower transaction fees and protection against currency volatility.
Paolo Ardoino, Tether's CEO, emphasized the UAE's growing influence as a global economic hub, highlighting the strategic value this dirham-backed token will bring to users. The partnership with Phoenix Group underscores Tether's commitment to delivering innovative financial solutions in the UAEโs rapidly evolving crypto landscape.In addition to this launch, Tether has expanded its USDT offering to the Aptos blockchain, enhancing global digital currency access and further reducing transaction costs.
Aligning with the UAEโs forward-thinking approach to digital assets as Dubai has also recently approved cryptocurrency for salary payments, solidifying its position as a leader in crypto innovation.