, the company behind the $114 billion USDT token, plans to launch a new stablecoin pegged to the United Arab Emirates (UAE) .
The yet-to-be-named stablecoin will be rolled out in collaboration with UAE-based tech giants Phoenix Group PLC and Green Acorn Investments Ltd. While the companies did not provide a specific launch date, Tether CEO Paolo Ardoino said obtaining licensing from the Central Bank of the UAE will be the next step, and could take a few months.
The Dirham-pegged stablecoin will be fully backed by liquid UAE-based reserves, following Tether’s reserve standards to “ensure stability and trust in its value,” Ardoino said in a press release.
The new token is expected to streamline international trade and remittances, reduce transaction fees, and provide a hedge against currency fluctuations.
The UAE’s central bank has already paved the way to regulate cryptocurrencies pegged to real…
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