TechFlow news, on August 21, according to Decrypt, stablecoin issuer Tether announced plans to develop a new stablecoin pegged to the United Arab Emirates dirham (AED). The company will collaborate with UAE-based technology group Phoenix Group PLC and Green Acorn Investments Ltd to launch this new product.
Tether CEO Paolo Ardoino stated that the new stablecoin aims to provide businesses and individuals with a secure and efficient way to transact in UAE dirhams, including cross-border payments, trading, and asset diversification. The new dirham-pegged stablecoin will join Tether's existing suite of stablecoins, which include those tied to the U.S. dollar, euro, Chinese yuan, and Mexican peso. Tether claims this digital asset has the potential to streamline international trade and remittance processes, reduce transaction costs, and offer users a tool to hedge against currency volatility.
