Tether Plans to Develop Dirham-Pegged Stablecoin

Bittime - Tether has just announced an ambitious plan that has the potential to change the economic landscape in the Gulf region. The company is preparing to launch a new stablecoin pegged to the United Arab Emirates (UAE) Dirham. 

This is a strategic move that not only expands Tether's global reach. But it also has the potential to transform the way transactions are conducted in one of the world's most dynamic economic centers.

Tether's Bold Step to Launch Dirham Stablecoin

Tether's decision to launch a UAE Dirham-based stablecoin is not just an ordinary business move. This is part of a long-term strategy to strengthen its global footprint and meet the specific needs of various economic regions. 

The UAE, long known as one of the significant global economic centers, offers a very promising market for digital currencies.

Read also: Here's How to Check Tomarket Airdrop Level After Snapshot

Paolo Ardoino, CEO of Tether, emphasized the importance of this new product. "Tether's Dirham-pegged stablecoin will become an essential tool for businesses and individuals looking for a safe and efficient way to transact in UAE Dirham, whether for cross-border payments, trading, or digital asset diversification," said Ardoino enthusiastically.

To ensure a successful launch, Tether did not run alone. They have established strategic partnerships with two key players in the UAE: Phoenix Group PLC, a renowned technology conglomerate, and Green Acorn Investments Ltd. This collaboration is expected to accelerate the adoption and integration of this new stablecoin in the UAE's financial ecosystem.

Potential and Benefits 

This Dirham-based stablecoin is projected to bring a number of significant benefits:

1. Smoother International Trade: With this stablecoin, cross-border transactions with business partners in the UAE will become much more efficient. This can reduce transaction costs and speed up the payment process.

2. Easier Remittances: The UAE is home to millions of expatriates. This new stablecoin has the potential to simplify the process of sending money to and from the UAE, reducing transfer fees and speeding up transaction times.

3. Protection against Currency Fluctuations: As a digital representation of the UAE Dirham, this stablecoin offers protection against currency volatility, increasing financial stability for its users.

Read also: Crypto Market Today 3 September 2024

Tether Keeps Moving

This announcement comes amidst intensive minting activity from Tether. In the last week alone, the company has printed around IDR 46.5 trillion in new USDT. The Tron network in particular has emerged as a key player in the stablecoin space, with a total of IDR 294.5 trillion USDT minted over the past year.

However, the launch of this Dirham-based stablecoin also brings a number of questions, especially regarding regulatory oversight and market acceptance. In the past, Tether has faced criticism regarding its reserves and transparency. Launching a new stablecoin in a highly regulated country like the UAE will likely require very strict compliance measures.

Currently, the global stablecoin market is worth around IDR 2,325 trillion, with Tether's USDT accounting for more than IDR 1,813 trillion of that total. This figure shows Tether's dominance in this sector. 

Interestingly, industry projections estimate that the stablecoin market could grow to IDR 43,400 trillion by 2028.

Conclusion

With the planned launch of a UAE Dirham-based stablecoin, Tether is not only expanding its portfolio. But they also open the door to digital transformation in one of the world's most dynamic economic regions. 

This move has the potential to change the way individuals and businesses in the UAE and beyond conduct transactions, send money and manage their digital assets.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.