Tether plans to launch a stablecoin pegged to the UAE Dirham (AED)

ChainCatcher news, stablecoin issuer Tether has revealed plans to develop a new stablecoin pegged to the United Arab Emirates Dirham (AED).

Tether will collaborate with UAE-based Phoenix Group PLC to launch the new stablecoin, aiming to establish a digital representation of the Dirham fully backed by liquid reserves in the UAE.

Tether CEO Paolo Ardoino stated, "The UAE is an important global economic hub, and the new stablecoin aims to meet the needs of businesses and individuals seeking secure and efficient transactions in UAE Dirhams, including cross-border payments, trading, and asset diversification."