Tether Plans to Issue a Stablecoin Pegged to the UAE Dirham

Tether has revealed its intentions to create a stablecoin that will be tied to the United Arab Emirates Dirham (AED).

This new token will have a fully backed reserve based in the UAE to ensure that its value remains stable for users.

To launch this new token, Tether has teamed up with Phoenix Group PLC, a technology company with a net worth of several billion dollars, as well as Green Acorn Investments Ltd.

The new stablecoin, pegged to the AED, will join Tether’s existing line-up, which includes USDT, EURT, CNHT, MXNT, XAUT, and aUSDT.

The announcement states that Tether’s AED-pegged stablecoin will offer users a smooth and cost-efficient way to access the benefits of the AED.