The stablecoin supplier will work with Phoenix Group to launch a token pegged to the United Arab Emirates Dirham (AED).
Tether, the corporate behind USDT, the biggest stablecoin in DeFi by market capitalization, plans to launch a stablecoin pegged to the UAE Dirham (AED).
The AED stablecoin can be launched in collaboration with one of many UAE’s leaders in blockchain mining options, Phoenix Group, with assist from Inexperienced Acorn Investments.
The stablecoin can be totally backed by liquid UAE-based property consistent with Tether’s reserve requirements utilized by its present stablecoin choices, akin to USDT, EURT, CNHT, MXNT, XUAT, and aUSDT.
The announcement comes lower than a month after Tether launched its H1 2024 audit, which reported a web revenue of over $5.2 billion, a 57% improve in comparison with H1 2023.
Within the press launch, Tether CTO Paolo Ardoino stated, “The United Arab Emirates is changing into a major world financial hub, and we imagine our customers will discover our Dirham-pegged token to be a useful and versatile addition.”
Seyedmohammad Alizadehfard, co-founder and CEO of Phoenix Group, acknowledged, “Abu Dhabi’s progressive stance in direction of blockchain, digital property and innovation makes it (Tether) the proper launchpad.”.
USDT alone at the moment boasts a market capitalization of $117 billion, making up almost 70% of the $168 billion stablecoin trade, based on DeFiLlama.
