Farcaster

On August 21, leading stablecoin issuer Tether announced the launch of a stablecoin pegged to the United Arab Emirates dirham (AED). This move is part of a strategic partnership with two prominent UAE-based companies, Phoenix Group PLC and Green Acorn Investments Ltd.

Tether Aims to Streamline Cross-Border Transactions and Remittances in UAE
According to the press release, the new token will be “fully backed by liquid UAE-based reserves” and adhere to Tether’s “transparent and robust reserve standards,” providing users with a stable digital representation of the local currency.