Tether to Launch UAE Dirham-Pegged Stablecoin with Phoenix Group

The new stablecoin aims to provide secure and efficient transactions in the UAE's currency, backed by local reserves.

Tether's dirham-pegged stablecoin will join its lineup of USD, EUR, CNH, and MXN stablecoins.
The initiative is a collaboration with UAE-based Phoenix Group and Green Acorn Investments.
The UAE's progressive stance on blockchain and digital assets supports the launch.
Tether aims to seek licensing under the UAE Central Bank's Payment Token Services Regulation.
The stablecoin market is projected to grow significantly, with Tether leading the industry.