Tether Unveils Plans to Launch a New Stablecoin Pegged to the United Arab Emirates Dirham

Tether, the leader in the stablecoin market, has unveiled its plans to launch a new stablecoin pegged to the United Arab Emirates dirham (AED)

Stablecoin market leader Tether has unveiled its plans to launch a new stablecoin pegged to the United Arab Emirates dirham, in collaboration with Phoenix Group and Green Acorn Investments to bolster trade and remittances.

Let’s dive into the details below.

Tether joins hands with Emirati partners for a dirham-backed stablecoin

As expected, Tether, the world’s leading stablecoin issuer, is expanding its footprint in the cryptocurrency scene with the announcement of a new stablecoin pegged to the United Arab Emirates dirham (AED).

In this strategic move, Tether is collaborating with Phoenix Group, an Abu Dhabi-based technology conglomerate, and Green Acorn Investments.

The aim is to create a digital representation of the dirham, fully backed by liquid reserves in the Emirates.

The launch of this new stablecoin, to be known as AEDT, marks a significant development in the financial landscape of the United Arab Emirates.

Tether has consistently maintained a leading position in the cryptocurrency industry by adhering to stringent reserve standards, ensuring that each token is fully backed by an equivalent amount of liquid assets.

With the new AEDT, Tether is providing users with a stablecoin that mirrors the value of the dirham, offering stability and reliability to investors and consumers seeking to utilize a digital currency within the Middle Eastern market.

Speaking on the introduction of this new stablecoin, Paolo Ardoino, Chief Executive Officer of Tether, enthusiastically noted the rapid emergence of the United Arab Emirates as a global economic hub.

“We are excited to add the dirham to our lineup of stablecoins, as we believe that this new token will add a versatile and substantial value to our users.”

According to the plans, the stablecoin will serve as a valuable option for those engaged in business or sending remittances in the region, while enjoying the security and transparency offered by Tether.

Revolutionizing transactions in the United Arab Emirates

The new dirham-pegged stablecoin promises to streamline international transactions and remittances, which are crucial aspects of the United Arab Emirates economy.

With AEDT, Tether aims to reduce transaction fees and provide protection against currency fluctuations, facilitating a more efficient and secure flow of capital between international markets and the Emirates.

This innovation is set to notably impact commercial and financial activities in the region, offering easier access to the benefits of the dirham without the complexities of currency conversion and transfer.

As highlighted in a press statement by Tether, the stablecoin AEDT will be particularly beneficial for companies operating globally, providing them with a stable and reliable financial tool.

The partnership with Phoenix Group has been instrumental in launching this project, as their vast experience in the technology sector will notably contribute to the rollout and adoption of the stablecoin.

Co-Founder and CEO of Phoenix Group Seyed Mohammad Alizadehfard expressed their delight in collaborating with Tether, stating that this partnership reflects Phoenix Group’s dedication to introducing advanced financial solutions to their clients.

“Our collaboration with Tether marks a step forward in bringing innovative and secure solutions to the United Arab Emirates market.”

Tether expands on the Aptos blockchain

Coinciding with the launch of the AEDT stablecoin, Tether is also expanding its presence in the blockchain domain, with the recent announcement of the introduction of its USDT token on the Aptos layer-1 blockchain.

This integration is designed to enhance accessibility to the world's digital currency, reducing transaction fees and increasing operational speed.

Aptos, with its capability for fast and scalable transactions, serves as an ideal platform for the implementation of USDT, enabling Tether to offer extremely low fees for large-scale operations.

With the expansion into the Aptos blockchain, Tether demonstrates its commitment to continuously enhancing the reach and efficiency of its stablecoins.

The reduced transaction fees, which will be a fraction of a cent, will make the use of USDT economically sustainable for a wide range of applications, from microtransactions to large-scale business operations.

To conclude, the introduction of the stablecoin pegged to the United Arab Emirates dirham marks a significant step forward for Tether and the cryptocurrency landscape at large.

This new stablecoin will not only provide stability and reliability to users but will also contribute to simplifying international trade and remittances, further bolstering the standing of the United Arab Emirates as a global economic hub.

With the expansion on the Aptos blockchain, Tether continues to lead the industry by offering innovative solutions to meet the demands of a rapidly evolving market.

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