Tether to Launch New Stablecoin Pegged to UAE’s Dirham

BE[IN]CRYPTO08-22

Tether plans to launch a UAE Dirham (AED)-pegged stablecoin backed by UAE-based reserves. UAE-backed stablecoin aims to boost liquidity, trade, and remittances, leveraging blockchain tech. UAE's ...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTether to Launch New Stablecoin Pegged to UAE’s Dirham\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-08-22 06:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://beincrypto.com/tether-plans-aed-pegged-stablecoin/><strong>BE[IN]CRYPTO</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tether plans to launch a UAE Dirham (AED)-pegged stablecoin backed by UAE-based reserves.\nUAE-backed stablecoin aims to boost liquidity, trade, and remittances, leveraging blockchain tech.\nUAE's ...</p>\n\n<a href=\"https://beincrypto.com/tether-plans-aed-pegged-stablecoin/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4588","symbol_name":"碎股","start_time":0,"source_url":"https://beincrypto.com/tether-plans-aed-pegged-stablecoin/","article_id":"2461793800","we_media_id":null,"thumbnails":["https://beincrypto.com/wp-content/uploads/2024/07/bic_Tether-covers_bullish_USDT-850x478.png.webp"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2461793800","pubTimestamp":1724277600,"sourceInfo":{"source_id":"beincrypto_highlight","name":"BE[IN]CRYPTO"},"weMediaInfo":null,"summary":"Tether plans to launch a UAE Dirham -pegged stablecoin backed by UAE-based reserves.UAE-backed stablecoin aims to boost liquidity, trade, and remittances, leveraging blockchain tech.UAE's crypto-friendly stance attracts businesses, with Dubai as a growing hub for blockchain innovation.Tether has announced plans to launch a stablecoin pegged to the United Arab Emirates Dirham . The token will be fully backed by liquid reserves based in the UAE, ensuring stability for users.Stablecoins have become a key sector in the crypto space, with Tether’s USDT leading in revenue generation, earning $93.75 million.“Tether’s Dirham-pegged stablecoin will provide users with a seamless and cost-effective means of accessing the benefits of the AED. The digital asset will streamline international trade and remittances, reduce transaction fees, and provide a hedge against currency fluctuations. Thus, it will play a crucial role in the financial ecosystem of the UAE and beyond,” the announcement read.","collect":0,"end_time":0,"defaultTopTitle":"beincrypto.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4588":"碎股","BK4595":"比特币概念","BK4539":"次新股","BK4516":"特朗普概念","UAE":"iShares MSCI UAE ETF","BK4023":"应用软件","BK4554":"元宇宙及AR概念","BK4112":"金融交易所和数据","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU1861558580.USD":"日兴方舟颠覆性创新基金B","BK4535":"淡马锡持仓","BK4551":"寇图资本持仓","ADGM":"Adagio Medical Holdings, Inc.","BK4585":"ETF&股票定投概念","BK4547":"WSB热门概念"},"translate_title":"泰达币将推出与阿联酋迪拉姆挂钩的新稳定币","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"UAE":1,"ADGM":1},"content_text":"Tether plans to launch a UAE Dirham (AED)-pegged stablecoin backed by UAE-based reserves.\nUAE-backed stablecoin aims to boost liquidity, trade, and remittances, leveraging blockchain tech.\nUAE's crypto-friendly stance attracts businesses, with Dubai as a growing hub for blockchain innovation.\n\nTether has announced plans to launch a stablecoin pegged to the United Arab Emirates Dirham (AED). The token will be fully backed by liquid reserves based in the UAE, ensuring stability for users.\nStablecoins have become a key sector in the crypto space, with Tether’s USDT leading in revenue generation, earning $93.75 million.\nTether to Launch AED-Backed Stablecoin\nTether has partnered with Phoenix Group PLC, a UAE-based multi-billion dollar technology conglomerate, along with support from Green Acorn Investments Ltd., to launch a stablecoin pegged to the UAE Dirham (AED). The new token will join Tether’s existing stablecoin offerings, including USDT, EURT, CNHT, MXNT, XAUT, and aUSDT. \n\n“Tether’s Dirham-pegged stablecoin will provide users with a seamless and cost-effective means of accessing the benefits of the AED. The digital asset will streamline international trade and remittances, reduce transaction fees, and provide a hedge against currency fluctuations. Thus, it will play a crucial role in the financial ecosystem of the UAE and beyond,” the announcement read.\n\nTether’s move is aimed at boosting liquidity in crypto market and offering more choices for traders. This development could positively impact the broader cryptocurrency ecosystem by attracting more regional investors and businesses. Additionally, given Bitcoin’s historical positive correlation with USDT’s market cap, this expansion could potentially drive Bitcoin’s price as well.\nRead more: 9 Best Crypto Wallets to Store Tether (USDT)\nTether’s interest in the UAE aligns with the region’s supportive stance on cryptocurrency and blockchain technology. The UAE has been proactive in establishing regulatory frameworks to oversee the use of digital assets.\n\n“Very excited for the UAE Dirham-Pegged stablecoin. The opportunity is immense,” Ardoino wrote.\n\nThe UAE has solidified its reputation as a crypto-friendly destination, attracting a growing number of businesses involved in this space. Dubai, in particular, has become a key hub for blockchain activities, hosting conferences and promoting crypto innovation.\n\n“I think Dubai is already a crypto hub. When I first got to Dubai, only a handful of crypto companies existed. Today there are probably a couple of thousand. On top of that, thousands of businesses are in the application process for registration, licensing, etc. There’s a crypto event in Dubai almost every night – dinners, seminars, etc. I’m invited to multiple events every night,” Binance ex-CEO Changpeng Zhao highlighted in a mid-2023 AMA.\n\nUAE Solidifies its Global Crypto Hub Reputation\nAdditionally, the Dubai Financial Services Authority (DFSA) and the Abu Dhabi Global Market (ADGM) have implemented regulations to license and supervise digital asset businesses within their jurisdictions, including monitoring crypto exchanges.\nIn June, the UAE Central Bank introduced the Payment Token Services Regulation, recognizing digital money services as financial activities requiring Central Bank licensing and oversight. If the UAE-pegged stablecoin launches, it will likely pave the way for other stablecoins to seek licensing under this new regulatory framework.\nMeanwhile, the stablecoin industry has become increasingly lucrative, with the total supply surpassing $160 billion for the first time in over two years, nearing all-time highs. Tether’s USDT dominates the market, generating revenues of $93.75 million. Circle’s USDC follows with $28.89 million. \nRead more: A Guide to the Best Stablecoins in 2024\nStablecoin Supply. Source: Artemis\nThe growing supply of stablecoins reflects their rising adoption and deeper integration within the crypto ecosystem, signaling increased trust and reliance on these assets for trading, payments, and financial services.\n\n\n\n\nTop crypto projects in the US | August 2024\n\n\n\nHarambe AI\nExplore\n\n\n\n\n\n\nCoinrule\nExplore\n\n\n\n\n\n\nUphold\nExplore\n\n\n\n\n\n\nCoinbase\nExplore\n\n\n\n\n\n\nChain GPT\nExplore\n\n\n\n\n\n\n\n\n\nTop crypto projects in the US | August 2024\n\n\nHarambe AI\n\n\n\n\n\n\n\n\nCoinrule\n\n\n\n\n\n\n\n\nUphold\n\n\n\n\n\n\n\n\nCoinbase\n\n\n\n\n\n\n\n\nChain GPT","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Product Release","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.26.4","shortVersion":"4.26.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2461793800"}