On August 21, a stablecoin pegged to the United Arab Emirates dirham (AED) was launched, according to prominent stablecoin supplier Tether. This is a part of a strategic cooperation with two reputable UAE-based companies, Phoenix Group PLC and Green Acorn Investments Ltd.
Tether Wants to Make Remittances and Cross-Border Transactions in the UAE Easier
The new coin will provide users with a solid digital representation of local currency as it will be "fully backed by liquid UAE-based reserves" and follow Tether's "transparent and robust reserve standards," according to the press release.