Tether to launch UAE dirham-pegged stablecoin

Tether has announced plans to introduce a new stablecoin pegged to the United Arab Emirates dirham (AED) in collaboration with Phoenix Group and Green Acorn Investments.

This new digital token aims to offer users a cost-effective and transparent way to access the UAE currency while serving as a hedge against currency fluctuations.

The stablecoin is expected to align with the UAE Central Bank's recently introduced Payment Token Services Regulation. Tether CEO Paolo Ardoino highlighted the UAE's growing role as a global economic hub, stating that the new stablecoin will be a valuable tool for businesses and individuals involved in cross-border payments and trading.

This dirham-pegged stablecoin will join Tether's portfolio of other fiat-pegged tokens, including USDT and EURT, further solidifying Tether's position as the largest stablecoin issuer by market capitalization.