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Tether has announced that it will be collaborating with UAE-based Phoenix Group PLC and Green Acorn Investments Ltd to launch a new stablecoin pegged to the United Arab Emirates (UAE) Dirham (AED). The move aims to enhance international trade and remittances.
Tether to Launch Dirham Stablecoin with UAE Partners
Tether, the largest stablecoin provider in the digital asset sector, has announced that its new stablecoin will be pegged to the UAE Dirham (AED). According to a press release shared with Cointelegraph, the new stablecoin will be launched in partnership with UAE-based Phoenix Group PLC and Green Acorn Investments Ltd.
The collaboration aims to create a digital representation of the Dirham that is fully backed by liquid UAE reserves. “In line with Tether’s transparent and robust reserve standards, each Dh2 token is designed to be tied to the value of the AED, ensuring stability and trust in its value.”
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Tether Expands to the UAE Market
Tether’s expansion into the UAE financial market with its new Dh2 stablecoin aims to provide users with a cost-effective way to access the benefits of the AED. The new stablecoin will “facilitate international trade and remittances,” the press release states, while reducing transaction fees and providing protection against currency fluctuations.
Tether CEO Paolo Ardoino said the firm was “delighted” to add the Dh2 stablecoin to its stablecoin offering. “[The UAE] is becoming a major global economic hub and we believe our users will find our Dirham-pegged token a valuable and versatile addition,” Ardoino said.
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