Tether plans to launch Dirham-pegged stablecoin

• Tether will launch a Dirham-pegged stablecoin in collaboration with Phoenix Group.
• New stablecoin will join USDT, EURT and other Tether-issued stablecoins.

Tether plans to add a new stablecoin pegged to the United Arab Emirates’ Dirham to its suite of stablecoins, according to an announcement on Aug. 21.

Per details of the planned launch, Tether will collaborate with Phoenix Group PLC, a UAE-based multi-billion dollar tech behemoth. The new stablecoin initiative will also involve Green Acorn Investments Ltd.

“We are thrilled to be working with Tether on bringing a UAE Dirham-pegged stablecoin to the market and are confident of its potential in transforming the digital economy for users across the region and beyond,” Seyedmohammad Alizadehfard, co-founder and Group CEO of Phoenix Group, said.

Tether’s range of stablecoins

When launched, the Dirham-pegged stablecoin will join a host of Tether tokens that include the world’s largest stablecoin USDT. Other products are the Euro-pegged EURT, Chinese yuan-pegged CNHT, Mexican peso-pegged MXNT, and Tether Gold (XAUT).

Tether is seeking regulatory approval for the fiat-backed cryptocurrency, with application made with the UAE Central Bank.

“The United Arab Emirates is becoming a significant global economic hub, and we believe our users will find our Dirham-pegged token to be a valuable and versatile addition,” Tether CEO Paolo Ardoino noted in a statement.

As well as launching the range of fiat-backed digital assets, Tether has aggressively expanded its flagship product USDT.

Currently the top stablecoin with a market cap of over $116 billion, USDT native access is live on major blockchains, including Ethereum and TRON.

The latest blockchain network to see USDT expansion is Aptos.