The stablecoin supplier will work with Phoenix Group to launch a token pegged to the United Arab Emirates Dirham (AED).
Tether, the corporate behind USDT, the most important stablecoin in DeFi by market capitalization, plans to launch a stablecoin pegged to the UAE Dirham (AED).
The AED stablecoin can be launched in collaboration with one of many UAE’s leaders in blockchain mining options, Phoenix Group, with assist from Inexperienced Acorn Investments.
The stablecoin can be absolutely backed by liquid UAE-based property in keeping with Tether’s reserve requirements utilized by its present stablecoin choices, akin to USDT, EURT, CNHT, MXNT, XUAT, and aUSDT.
The announcement comes lower than a month after Tether launched its H1 2024 audit, which reported a internet revenue of over $5.2 billion, a 57% enhance in comparison with H1 2023.
Within the press launch, Tether CTO Paolo Ardoino mentioned, “The United Arab Emirates is becoming a significant global economic hub, and we believe our users will find our Dirham-pegged token to be a valuable and versatile addition.”
Seyedmohammad Alizadehfard, co-founder and CEO of Phoenix Group, acknowledged, “Abu Dhabi’s progressive stance towards blockchain, digital assets and innovation makes it (Tether) the perfect launchpad.”.
USDT alone presently boasts a market capitalization of $117 billion, making up almost 70% of the $168 billion stablecoin trade, in response to DeFiLlama.
