Stablecoin issuer Tether (USDT) has announced new plans to launch a new digital asset pegged to the United Arab Emirates (UAE) dirham (AED).
The company, which develops USDT, said in a new press release that it plans to work closely with the country’s central bank and leading technology companies to add the dirham-pegged cryptocurrency to its product portfolio.
“Tether’s dirham-pegged stablecoin provides users with a seamless, cost-effective way to enjoy the benefits of the AED, while leveraging the transparency and efficiency of blockchain technology.”
The digital asset will streamline international trade and remittances, reduce transaction fees and provide a hedge against currency fluctuations, playing a key role in the financial ecosystem in the UAE and beyond.”
Tether’s dirham-linked cryptocurrency will join the company’s suite of digital assets that also include those pegged to the euro (EURT), Chinese yuan (CNHT), Mexican peso (MXNT) and gold (XAUT).
Tether CEO Paulo Ardoino said:
“Tether’s dirham-pegged stablecoin will be an essential tool for businesses and individuals looking for a safe and efficient means of transacting in the UAE dirham, whether for cross-border payments, trading, or simply diversifying their digital assets.”
Earlier this month, Tether announced it would launch USDT on its layer-1 smart contract platform Aptos (APT).
On-chain data revealed that the company minted $33 billion worth of USDT on the Tron (TRX) and Ethereum (ETH) blockchains last year.
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