#AbuDhabiStablecoin In a significant development in the field of digital assets, Tether, the issuer of the largest stablecoin in the world (USDT), announced its plans to launch a new stablecoin pegged to the United Arab Emirates Dirham (AED). This announcement comes in collaboration with Phoenix Group PLC, listed on the Abu Dhabi Securities Exchange, and supported by Green Acorn Investments.

Details of the Dirham-pegged stablecoin:

1- Objective: Tether aims to provide a stable digital alternative to the UAE Dirham, facilitating international transactions and financial transfers, reducing transaction costs, and providing a means to hedge against currency fluctuations.

2- Support and reserves: The stablecoin will be fully backed by liquid reserves based in the UAE, ensuring its stability and reliability.

3- Regulation and licensing: Tether seeks to obtain a license from the UAE Central Bank under the payment token service regulations announced in June 2024.

Finally, while a launch date for the Dirham-pegged stablecoin has not yet been set, progress in regulatory procedures indicates the possibility of its launch in the near future, pending necessary approvals from the relevant regulatory authorities.