💥Tether is launching a stablecoin pegged to the United Arab Emirates Dirham (AED) on the TON blockchain.
The move is part of a joint venture between Phoenix Group and Green Acorn Investments, two UAE-based companies.
The dirham pegged token will provide stability and confidence in its value, as each token will be fully backed by liquid UAE-based reserves.
The launch of this stablecoin is significant, especially considering the recent approval of a licensing framework for stablecoins by the United Arab Emirates. This regulatory clarification will oversee the issuance, licensing and supervision of dirham-backed payment tokens.
Some of the key highlights of this launch include:
*Partnership*
Tether is developing the dirham pegged stablecoin together with Phoenix Group and Green Acorn Investments.
*Blockchain*
The stablecoin will be built on the Open Network (TON) blockchain, known for its speed and efficiency .
*Regulatory Clarification*
The UAE Central Bank has approved in-principle licensing for a stablecoin issuer, paving the way for regulated dirham-pegged stablecoins.
*Growth*
TON is the fastest blockchain to reach 1 billion USDT, with 160,000 USDT transactions per day and 7.6 million wallets using USDT on the TON Blockchain .
This development demonstrates Tether's commitment to expanding its stablecoin offerings and providing innovative solutions for the digital asset industry.. $FDUSD
#TetherAEDLaunch #USEquitiesRebound #CryptoAMA #write2earn🌐💹 #square2earn