#AbuDhabiStablecoin Abu Dhabi has been making significant strides in the stablecoin market. Here are some key developments.

- *Tether's USDT Approval*: Abu Dhabi Global Market (ADGM) regulators have approved Tether's USDT as an accepted virtual asset, allowing licensed financial service providers to offer USDT-related services.

- *Dirham-Pegged Stablecoin*: Phoenix Group and Tether are launching a stablecoin pegged to the UAE dirham, fully backed by liquid UAE-based reserves. This aims to streamline international trade and remittances, reduce transaction fees, and provide a hedge against currency fluctuations.

- *Regulatory Framework*: The Central Bank of the United Arab Emirates (CBUAE) has approved a licensing system for stablecoins, focusing on dirham-backed payment tokens. This move is part of the country's financial infrastructure transformation program to boost digital transactions and foster innovation.

These developments demonstrate Abu Dhabi's growing involvement in the stablecoin market, with a focus on regulation, innovation, and adoption.