Tether’s New Dirham-Pegged Stablecoin

Tether plans to launch a new stablecoin pegged to the United Arab Emirates dirham in collaboration with Phoenix Group and Green Acorn Investments.

According to a press release, the token will “lead the way in seeking licensing under the UAE Central Bank’s recently announced Payment Token Services Regulation.”

The dirham-pegged stablecoin aims to provide users with a more cost-effective and transparent method of accessing the currency and serves as a hedge against currency fluctuations.

Tether CEO Paolo Ardoino stated, “We’re pleased to announce this initiative to develop Tether’s Dirham-pegged stablecoin, adding to our range of stablecoin options.” He emphasized that the UAE is becoming a significant global economic hub and that users will benefit from this versatile token.

Ardoino added, “Tether’s Dirham-pegged stablecoin is set to become an essential tool for businesses and individuals looking for a secure and efficient means of transacting in the UAE Dirham, whether for cross-border payments, trading, or diversifying one’s digital assets.”

This new offering joins Tether’s existing suite of fiat-pegged tokens, including USDT and EURT, further solidifying Tether’s position as the largest issuer of stablecoins by market capitalization.