Tether launches stablecoin pegged to the UAE dirham

Tether, the largest stablecoin provider, is planning to launch a stablecoin pegged to the United Arab Emirates dirham (AED), the legal tender of the country.
Tether is owned by Phoenix Group, a UAE-based cryptocurrency exchange, Green Acorn, and Ethereum.
In cooperation with Ethereum Investments, the company will launch a stablecoin pegged to the dirham.
The plan is to improve international trade and remittances through this. The collaboration aims to create a digital version of the dirham currency that is fully backed by highly liquid UAE-based reserves.
The new stablecoin will simplify international trade and remittances, reduce transaction fees, and provide a hedge against exchange rate fluctuations.
“We are pleased to add a stablecoin pegged to the dirham,” Ardoino said, adding, “The UAE is growing as an increasingly important global economic hub.
We believe that users will find our dirham-backed token a useful and versatile tool."