Stablecoin issuer Tether (USDT) announces new plans to launch a new digital asset pegged to the Dirham (AED), the currency of the United Arab Emirates (UAE).
In a new press release, the company behind USDT says say that it will work closely with the country’s central bank and blue-chip technology companies to add a Dirham-linked crypto asset to its product range.
“Tether’s Dirham-pegged stablecoin will provide users with a seamless and cost-effective way to access the benefits of the AED, while leveraging the transparency and efficiency of blockchain technology.
This digital asset will streamline international trade and remittances, reduce transaction costs and provide protection against currency fluctuations, playing a crucial role in the financial ecosystem of the UAE and beyond.”
Tether’s Dirham-pegged cryptocurrency will join the company’s arsenal of digital assets, including assets pegged to the euro (EURT), the Chinese yuan (CNHT), the Mexican peso (MXNT) and gold (XAUT).
As Tether CEO Paulo Ardoino says:
“Tether’s Dirham-pegged stablecoin will become an essential tool for businesses and individuals looking for a secure and efficient way to transact in the United Arab Emirates Dirham, whether for cross-border payments, trading or simply diversifying one’s digital assets.”
Earlier this month, Tether announced the launch of USDT via the layer-1 smart contract platform Aptos (APT).
On-chain data recently revealed that the company minted $33 billion worth of USDT on the Tron (TRX) and Ethereum (ETH) blockchains in the past year.
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Generated image: Midjourney