Tether Will Launch a Stablecoin Backed by the UAE Dirham
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Tether, Phoenix Group, and Green Acorn Investments have joined forces to launch a new stablecoin, which will be pegged to the United Arab Emirates dirham.
The aim is to get the new token licensed under the UAE Central Bank’s newly announced Payment Token Services Regulation.
This innovative stablecoin will offer a cost-effective and transparent way for users to access the dirham, while also serving as a safeguard against currency fluctuations.
Paolo Ardoino, CEO of Tether, expressed excitement about this new endeavor and believes it will enhance user options for stablecoins.
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