Tether plans to launch a new stablecoin pegged to the United Arab Emirates dirham in collaboration with Phoenix Group and Green Acorn Investments, reports The Block.
According to a press release, the token will “lead the way in seeking licensing under the UAE Central Bank’s recently announced Payment Token Services Regulation.”
According to Tether, the dirham-pegged stablecoin will provide users with a more cost-effective and transparent way of accessing the currency and a hedge against currency fluctuations.
“We’re pleased to announce this initiative to develop Tether’s Dirham-pegged stablecoin, adding to our range of stablecoin options,” Tether CEO Paolo Ardoino said.
