• Tether is ready to launch a dirham-pegged stablecoin in collaboration with Phoenix Group.
• The brand new stablecoin joins USDT, EURT, and different Tether-issued stablecoins.

Introduced on Aug. 21, Tether plans so as to add a brand new stablecoin pegged to the United Arab Emirates dirham to its stablecoin slate.

Based on particulars of the deliberate launch, Tether will associate with UAE-based multi-billion greenback expertise large Phoenix Group, whereas the brand new stablecoin effort will even contain Inexperienced Acorn Investments.

“We’re excited to work with Tether to deliver our UAE dirham-pegged stablecoin to market and are assured in its potential to remodel the digital financial system for customers throughout the area and past,” stated Seyyed Mohammad Alizadefard, co-founder and group CEO of Phoenix Group.

Tether stablecoin vary

When launched, the dirham-pegged stablecoin will be a part of a number of Tether tokens together with the world’s largest stablecoin USDT. Different choices embrace EURT, pegged to the euro, CNHT, pegged to the Chinese language yuan, MXNT, pegged to the Mexican peso, and Tether Gold (XAUT).

Tether has utilized to the UAE Central Financial institution, searching for regulatory approval for a fiat-backed cryptocurrency.

“The UAE is turning into an vital international financial heart and we’re assured that our dirham-pegged token might be priceless and versatile for our customers,” Tether CEO Paolo Ardoino stated in an announcement.

Along with launching a lineup of fiat-backed digital belongings, Tether has been aggressively increasing its flagship product, USDT.

At present the highest stablecoin with a market cap of over $116 billion, USDT is natively accessible on main blockchains reminiscent of Ethereum and TRON.

The most recent blockchain community to see USDT enlargement is Aptos.