Tether plans to launch a UAE dirham-pegged stablecoin
Powered by @unfoldedTether, the largest issuer of stablecoins, plans to launch a stablecoin pegged to the UAE dirham in collaboration with Phoenix Group and Green Acorn Investments.
The dirham-pegged stablecoin will seek licensing under the UAE Central Bank's Payment Token Services Regulation.
The stablecoin aims to provide users with a more cost-effective and transparent way of accessing the dirham and a hedge against currency fluctuations.
Tether's dirham-pegged stablecoin will join its other fiat-pegged tokens, such as USDT and EURT.