Photo credit: Rakhim Dzhairkhanov
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Tether, a stablecoin issuer firm, and Abu Dhabi Securities Exchange-listed Phoenix Group announced on Aug. 21 in a press conference that it plans to launch a stablecoin pegged to the UAE dirham. 

Phoenix Group’s founder Bijan Alizadehfard, together with Tether’s Chief Executive Officer Paolo Ardoino, made the announcement in Dubai in the presence of crypto enthusiasts and key stakeholders, as the company aims to take advantage of the UAE’s stable economic environment.

Alizadehfard emphasized that this latest innovation is designed to benefit not only companies but also the entire nation, further improving the UAE’s infrastructure. Phoenix’s co-founder also said that it seeks to tap into the expanding global stablecoin market, which is expected to be valued at around $2.8 trillion by 2028.

Although the ticker name and the name of the stablecoin are still yet to be revealed, Dubai investors can purchase the upcoming stablecoin from local designated banks with their Emirates ID.

Ardoino claimed that the UAE Dirham-pegged stablecoin will enable users to have more options to conduct transactions and safeguard their life savings. Tether’s CEO also mentioned that the stablecoin is still under review by different blockchains to give more choices for the users.

Ardoino promised that they are still looking for the “best technology,” especially those that cost less for the users. Tether’s CEO also said that the next process would be the licensing which is expected to take a few months. 

Finally, Alizadehfard claimed that users can expect to see the UAE Dirham-pegged stablecoin in their wallets by January 2025. 

Read more: USDT-issuer Tether to increase workforce by 2025: Bloomberg