Exciting news! Tether, the largest stablecoin issuer, is launching a stablecoin pegged to the UAE dirham (AED) in partnership with Phoenix Group and Green Acorn Investments ¹. This new token, backed by liquid UAE-based reserves, aims to provide a secure and efficient means of transacting in AED, streamlining international trade and remittances while reducing transaction fees ².
Key Highlights:
- Partnership: Tether collaborates with Phoenix Group, a multibillion-dollar tech conglomerate, and Green Acorn Investments ³.
- Regulatory Compliance: The stablecoin will comply with the UAE Central Bank's Payment Token Services Regulation ⁴.
- Benefits: Secure transactions, hedge against currency fluctuations, and reduced transaction fees ⁵.
- Global Accessibility: The dirham-pegged stablecoin will be accessible globally, rooted in the UAE's economic strength and stability ⁴.
CEO Insights:
Paolo Ardoino, Tether's CEO, emphasizes the significance of this addition, citing the UAE's growing economic hub status and the stablecoin's potential to transform the digital economy ⁴.
Market Impact:
This launch aligns with the UAE's crypto-friendly stance, fostering innovation and growth in the digital assets landscape. The global stablecoin market, valued at $150 billion, is expected to reach $2.8 trillion by 2028 ³.
Stay tuned for updates on this groundbreaking initiative!

#UAE #TetherUpdate #digitalassets

Tether says it is disappointed with the UN’s analysis for focusing on risks associated with USDT while ignoring the token’s benefits in developing economies.
Read more on: https://thecryptobasic.com/2024/01/16/tether-reacts-as-un-highlights-usdt-as-preferred-payment-method-for-scams-and-money-laundering/
#TetherUpdate #TetherTreasury #cryptocurrecny #CryptoNetworking #CryptoNews🔒📰🚫

Tether's USDT currently accounts for over 70% of the total stablecoin supply circulating in the market, surpassing its competitors in the year 2023.Tether (USDT) is currently "dominating" the stablecoin supply.Tether's market share in the stablecoin sector, as the company issuing USDT, has increased from 50% to 71% throughout the year 2023, according to statistics from CoinGecko.Market capitalization changes of leading stablecoins over the past year. Source: CoinGecko (January 15, 2024).The latest Tether (USDT) issuance of 1 billion USD occurred on January 12, further propelling the market capitalization of this stablecoin to a new record, approaching the 100 billion USD mark in just one year. This figure even surpasses the GDP of countries like Guatemala and Bulgaria.Meanwhile, Tether's primary competitor, Circle, the issuer of the USDC coin, has recently filed for an IPO with the SEC. Circle currently has 27 billion tokens in circulation and started 2023 with a total of 48 billion USDC.Additionally, leveraging a periodic profit allocation strategy, Tether's Bitcoin investment portfolio is currently valued at around 3 billion USD as of January 4, 2024, continuing to be a significant source of income for the company.Tether has recently undergone internal personnel changes, with longtime CTO Paolo Ardoino being promoted to the position of CEO, replacing Jean-Louis van der Velde at the end of the past year. In his new role, Ardoino is working to foster closer ties between Tether and U.S. law enforcement agencies, demonstrated by several instances of collaboration, including freezing wallets on the U.S. Office of Foreign Assets Control (OFAC) sanctions list and seizing over 435 million USD in illicit funds.#TetherUpdate #dyor