Stablecoin issuer Tether has announced it intends to launch a new stablecoin pegged to the United Arab Emirates dirham (AED), as reported by Reuters on Wednesday.
The main objective of this collaboration is to create a digital representation of the dirham currency that is fully backed by UAE reserves.
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The stablecoin will meet Tether's strict reserve standards, ensuring that each dirham-valued token is equivalent to the AED and instilling confidence and stability in its value.
The stablecoin will streamline global trade and remittance processes, reduce transaction fees and provide protection against currency fluctuations.