Tether, the world’s largest stablecoin, in partnership with cryptocurrency mining and blockchain technology company Phoenix Group, will launch a new stablecoin pegged to the UAE dirham. The move aims to capitalize on growing demand for the UAE dirham and provide an alternative to the US dollar.
No date has been set for the launch, but Tether CEO Paolo Ardoino said obtaining a license from the UAE Central Bank is the “next step,” which will take several months.
