Stablecoin issuer Tether has revealed it plans to develop a new stablecoin pegged to the United Arab Emirates Dirham (AED).
Calling the UAE a “significant global economic hub,” Tether CEO Paolo Ardoino said in a statement shared with Decrypt that the new stablecoin is aimed at “businesses and individuals looking for a secure and efficient means of transacting in the United Arab Emirates Dirham,” including cross-border payments, trading and diversification of assets.
In its press release, the firm outlined plans to collaborate on the as-yet-unnamed stablecoin’s launch with UAE-based tech conglomerate Phoenix Group PLC and Green Acorn Investments Ltd. The proposed Dirham-pegged token will join Tether’s existing lineup of stablecoins, which includes those pegged to the US Dollar, Euro, Chinese Yuan, and Mexican Peso.
