Tether’s New Stablecoin: Pegged to UAE Dirham

• Tether to launch a UAE Dirham-pegged stablecoin, backed by UAE-based liquid reserves.
• Tether partners with Phoenix Group to develop a stablecoin tied to the value of the UAE Dirham.
• The new Dirham-pegged stablecoin aims to streamline trade, reduce fees, and hedge currency risks.

Tether, the issuer of the world’s largest stablecoin, USDT, is set to launch a new stablecoin pegged to the United Arab Emirates Dirham (AED).

This initiative is a collaboration with UAE tech conglomerate Phoenix Group PLC and Green Acorn Investments Ltd. The new Dirham-pegged token will join Tether’s existing lineup of stablecoins, including USDt, EURt, CNHT, MXNT, XAUt, and aUSDT.

The upcoming Dirham-pegged stablecoin will have full backing from liquid reserves located in the UAE. Tether’s reserve standards ensure the token’s stability and transparency, giving users confidence in its value. This stablecoin will provide a cost-effective way to tap into the benefits of the AED while leveraging the efficiency of blockchain technology.

Paolo Ardoino, CEO of T…

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