Warpcast

Tether has announced that it plans to launch a stablecoin linked to the UAE dirham. The company is currently preparing to be licensed under the UAE Central Bank's Payment Token Services Regulations.

The newly created stablecoin is expected to be "fully backed by UAE-based cash reserves".

This move by Tether to launch a UAE dirham-backed stablecoin highlights the growing adoption of digital currencies in the region. It will be interesting to see how it impacts the local market and overall stability.