Stablecoin

Dollar

Shift

Dubai

<ul>
 <li>Tether announces an exciting new venture to launch a new stablecoin in the crypto space.</li>  
 <li>This stablecoin will be for the UAE’s currency Dirham (AED).</li>  
 <li>The AED-pegged stablecoin will certainly help the efficient shift in global trades.</li> 
</ul>  
<p>The popular and highly reputed cryptocurrency firm <a href="https://tether.to" target="_blank" rel="noopener noreferrer nofollow">Tether</a>, known for the most recognized stablecoin in the crypto space, USDT unveiled its intention to develop a <a href="https://www.reuters.com/technology/tether-provide-stablecoin-pegged-uaes-dirham-2024-08-21/" target="_blank" rel="noopener noreferrer nofollow">new stablecoin</a> for the UAE, based on the nation’s currency Dirham (AED).</p>  
<h2 class="wp-block-heading" id="h-uae-s-dirham-to-get-an-aed-pegged-stablecoin">UAE’s Dirham To Get an AED-Pegged Stablecoin</h2>  
<p>The <a href="https://cryptonewsland.com/uae-becomes-hub-for-bitcoin-mining/" target="_blank" rel="noopener noreferrer nofollow">UAE is recognized as one of the most crypto-friendly nations</a> 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).</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/Tether_to/status/1826207852781830373
 </div>
</figure>  
<p>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.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-this-new-stablecoin-will-assist-in-the-coming-shift-in-global-trades">This New Stablecoin Will Assist in the Coming Shift in Global Trades</h2>  
<p>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.&nbsp;</p>  
<p>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.&nbsp;</p>  
<p>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.&nbsp;</p>  
<p>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 <a href="https://cryptonewsland.com/dubai-court-allows-salary-payments-in-crypto/" target="_blank" rel="noopener noreferrer nofollow">Dubai in particular</a> have been very cooperative with crypto and blockchain companies and have set up efficient regulations to ensure their long-term growth.</p>       
<p>The post <a href="https://cryptonewsland.com/tether-launch-new-uae-dirham-stablecoins/" rel="noopener noreferrer nofollow">Tether Prepares to Launch New UAE Dirham Pegged Stablecoin, Embodying Nation’s Earned Title of Crypto Wall Street</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Tether Prepares to Launch New UAE Dirham Pegged Stablecoin, Embodying Nation’s Earned Title of Crypto Wall Street

Table of Contents

Crypto News Land

Other articles published on Aug 21, 2024

Bitcoin Derivatives Data Hints At Major BTC Short Squeeze, $70,000 Coming?

Marathon Digital to Raise $250 Million to Boost Bitcoin Holdings

Bitcoin’s Dominance over Ethereum at a 40-Month High: What Will It Take for an Ethereum Breakout?

US, Canada Lead Crypto Inflows with $71Million: Market Still Healthy?

Altcoins Listed on Binance with Great Excitement, But Data is Worrisome

Bitcoin Faces Challenges in Finding a Stable Direction

Join our free newsletter for daily crypto updates!