Tether, the developer of the world's largest stablecoin, said it plans to introduce a token pegged to the United Arab Emirates' dirham in collaboration with Abu Dhabi-listed crypto conglomerate Phoenix Group PHX. Stablecoins are a form of digital asset usually pegged to a fiat currency that give users a hedge against the volatility that can afflict cryptocurrencies like bitcoin BTC.
The major stablecoins are all pegged to the U. Tokens pegged to other fiat currencies are minuscule by comparison. Tether plans to seek licensing for the dirham stablecoin under the U. That might give it a boost, especially given the reputations of Dubai and Abu Dhabi as crypto hubs. Regulators Should Encourage Them. Jamie joined CoinDesk as a news reporter in February after writing widely about crypto and blockchain for two years in other roles.
Away from crypto, Jamie runs a lot and loves all things sport. The largest stablecoins are all pegged to the U. The central bank's licensing framework for dirham stablecoins could give them a boost, especially given the reputations of Dubai and Abu Dhabi as crypto hubs. Don't miss another story.
Subscribe to the Crypto for Advisors Newsletter today. See all newsletters. Sign me up. Tether UAE Stablecoins. Jamie Crawley Jamie joined CoinDesk as a news reporter in February after writing widely about crypto and blockchain for two years in other roles. X icon.
