Phoenix Group PLC, a major tech firm listed on the Abu Dhabi Securities Exchange (ADX), is teaming up with Tether, the leading company in the digital asset industry, to launch a new stablecoin pegged to the UAE Dirham. Green Acorn Investments Ltd. is also supporting this venture.
The global stablecoin market, currently worth $150 billion, is expected to skyrocket to $2.8 trillion by 2028. This new stablecoin aims to make digital transactions more stable and secure by linking its value to the UAE Dirham, one of the world’s most stable currencies. It’s designed to help bridge the gap between traditional finance and the digital world, offering a dependable option for investors and everyday users alike.
Built on a cutting-edge blockchain platform, the stablecoin promises top-notch security and transparency. It’s expected to offer a reliable store of value and help reduce foreign exchange risks. Backed by the expertise of Phoenix and Tether and governed by strict regulations, this stablecoin will serve both businesses and consumers in the evolving digital economy.
Seyed Mohammad Alizadehfard, Co-Founder and Group CEO of Phoenix Group, expressed excitement about the project, noting its potential to transform the digital economy and highlighting Abu Dhabi’s role as an ideal launchpad for innovation.
Farah Zafar, Managing Director and Group Chief Legal Officer, added that this partnership reflects the UAE’s leadership in digital currencies and financial innovation. She emphasized the importance of this initiative in enhancing global digital assets.
Tether’s CEO, Paolo Ardoino, also welcomed the development, noting that the UAE is becoming a major economic hub. He believes the Dirham-pegged stablecoin will be a valuable addition for businesses and individuals, offering a secure and efficient way to transact in the UAE Dirham.
This collaboration underscores the UAE’s commitment to fostering innovation in the crypto space, supported by a forward-thinking regulatory framework that is helping shape the future of finance.
