Tether To Roll Out UAE Dirham-Pegged Stablecoin
The creator of the biggest stablecoin in the world, Tether, said that it will work with Phoenix Group, an Abu Dhabi-listed cryptocurrency conglomerate, to launch a stablecoin correlated with United Arab Emirates dirham (AED). JUST IN: Tether to launch a stablecoin pegged to the UAE currency. — Watcher.Guru (@WatcherGuru) August 21, 2024 The unnamed stablecoin will be added to Tether’s current stablecoin roster, which already includes coins based on the Euro (EURT), US Dollar (USDT), Chinese Yuan (CHNT), and Mexican Peso (MXNT). Also Read: Can Binance Coin (BNB) Hit $700 In September 2024? Key Highlights of the New Stablecoin Boosting Digital Representation of AED It should be noted that the latest collaboration could boost the digital representation of AED. The stablecoin will be backed entirely by “liquid UAE-based reserves.” Tether stated that its Dirham-pegged stablecoin will provide a safe and practical means of utilizing AED in the digital realm. It also caters t...