Tether to offer stablecoin pegged to UAE's dirham

DUBAI (Reuters) – The world’s largest stablecoin, , stated on Wednesday it plans to offer a brand new stablecoin pegged to the United Arab Emirates (UAE) dirham because it faucets demand for the Gulf foreign money and seeks to supply alternate options to the U.S. greenback.

The stablecoin will probably be launched in collaboration with Abu Dhabi-listed cryptomining and blockchain conglomerate Phoenix Group, the businesses introduced throughout an occasion in Dubai.

The 2 corporations didn’t present a date for the product launch however CEO Paolo Ardoino stated licensing by the Central Financial institution of the UAE “would be the subsequent step and can take a couple of months”.