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Tether, the developer of the world’s largest stablecoin, has announced plans to launch a new stablecoin pegged to the UAE dirham (AED). The announcement comes in collaboration with Phoenix Group, a large Abu Dhabi-based technology company, and Green Acorn Investments.
# Project Background and Details
Tether is a pioneer in the development of stablecoins, with USDT being the most widely used stablecoin in the market. By launching the AED-pegged stablecoin, Tether aims to provide a secure and efficient way to transact using the AED via blockchain technology.
The new currency will be fully backed by liquid reserves based in the UAE, ensuring stability and confidence in its value. This project enhances the UAE’s role as a global financial center in the field of digital currencies, thanks to its advanced regulatory infrastructure in this field.
#### Project objectives
Through this collaboration, Tether aims to:
- Facilitating cross-border money transfers.
- Improving the efficiency of international trade.
- Providing protection against foreign exchange fluctuations.
- Promoting the use of the UAE dirham in the digital economy.
#### Expected Benefits
A stablecoin pegged to the dirham will offer several advantages, including:
- Reducing international transaction costs.
- Providing a safe option for investors and companies to retain value.
- Improving transparency and security in financial transactions via blockchain technology.
#### Conclusion
This move by Tether is part of its strategy to expand the use of stablecoins globally, especially in emerging financial markets such as the UAE. This project strengthens the UAE’s position as a leading financial hub in the region and reflects Tether’s commitment to innovation in the digital economy $ AED
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