- Tether announces an exciting new venture to launch a new stablecoin in the crypto space.
- This stablecoin will be for the UAE’s currency Dirham (AED).
- The AED-pegged stablecoin will certainly help the efficient shift in global trades.
The popular and highly reputed cryptocurrency firm Tether, known for the most recognized stablecoin in the crypto space, USDT unveiled its intention to develop a new stablecoin for the UAE, based on the nation’s currency Dirham (AED).
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UAE’s Dirham To Get an AED-Pegged Stablecoin
The UAE is recognized as one of the most crypto-friendly nations in the world and this initiative for developing a stablecoin with Tether aims at tapping into the demand for the Gulf currency and offering it as an alternative to the US Dollar (USD).
As we can see from the post above, the announcement has received bullish responses from the crypto community and many show their admiration and support for the UAE’s active role in boosting blockchain, web3, and crypto adoption.
This New Stablecoin Will Assist in the Coming Shift in Global Trades
The CEO of Tether, Paolo Ardoino, states that the main purpose of this venture is to create an opportunity towards the US Dollar. He adds that having a stablecoin from the UAE Dirham would offer a strong alternative for a preferred currency as the global trade shifts.
More interestingly, Ardoino says that there is already a lot of interest in AED outside the UAE and proposing a Dirham-pegged stablecoin will allow for more stability and safety for the country and its balance sheet.
He highlights how the UAE is already working tirelessly to be the Crypto Wall Street most crypto users are identifying it to be, and marks the UAE as a very capable global hub for the crypto industry as economic competition grows rapidly in the Gulf region.
Indeed, the UAE sees steady competition in the space from Gulf nations like Bahrain and Saudi Arabia and strives to outperform its present position as a global leader. So far, the cities of Abu Dhabi and Dubai in particular have been very cooperative with crypto and blockchain companies and have set up efficient regulations to ensure their long-term growth.
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