#AbuDhabiStablecoin

Tether has announced the launch of a new stablecoin pegged to the United Arab Emirates Dirham (AED), in collaboration with Emirati companies such as Phoenix Group and Green Acorn. The currency aims to enhance the local use of digital currencies and provide an alternative to the dollar in digital transactions within the UAE. The currency will be backed by real Dirham reserves, which enhances its reliability and stability. This project is part of Abu Dhabi's vision to become a global hub for financial innovation and blockchain technologies, and the currency is expected to be launched after the approval of the UAE Central Bank. This step represents a significant advancement towards the adoption of digital currencies in the Gulf.