ADX-listed Phoenix Group PL, the UAE’s multi-billion dollar tech conglomerate, partners with Tether to launch a stablecoin pegged to the UAE Dirham.
This initiative, supported by Green Acorn Investments Ltd, aims to enhance the digital assets landscape by providing a stable, reliable, and secure digital currency. The stablecoin seeks to offer a robust solution for investors, businesses, and everyday consumers looking for stability in the world of cryptocurrency and digital assets.
The stablecoin will be created on an advanced blockchain platform, guaranteeing security, transparency, and efficiency. This will provide a haven for assets, backed by the financial strength and tech expertise of Phoenix and Tether, and governed by strict regulatory compliance measures.
Seyed Mohammad Alizadehfard Co-Founder and Group CEO – Phoenix Group
“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. This collaboration with Tether not only underscores our commitment to innovation and excellence but also reflects our dedication to providing financial solutions that meet the needs of our customers. Abu Dhabi’s progressive stance towards blockchain, digital assets and innovation makes it the perfect launchpad.”
Farah Zafar, Managing Director and Group Chief Legal Officer, stated that, “The UAE is a trailblazer in digital currencies and financial innovation and this partnership between Tether and Phoenix group to create a Dirham pegged stablecoin reflects our commitment to innovate in the digital economy. We are thrilled to be part of this ground-breaking initiative which will change the digital assets landscape globally”.
The global market for stablecoins currently valued at $150 billion is expected to increase $2.8 trillion by 2028. The Dirham pegged stablecoin will be available globally, rooted in the UAE’s economic strength and stability. The partnership intends to enhance both business operations and flourish opportunities to drive growth by promoting seamless transactions, reducing foreign exchange risks, and providing a reliable store of value.
The UAE government’s robust and forward-thinking regulatory framework complements Phoenix Group’s unwavering commitment to strengthening innovation. The regulatory regime has enabled the development of this partnership. This highlights the crucial role of the UAE’s regulatory regime in shaping the future of finance.
Paolo Ardoino, CEO of Tether, commented that, “We’re pleased to announce this initiative to develop Tether’s Dirham-pegged stablecoin, adding to our range of stablecoin options. 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’s Dirham-pegged stablecoin is set to become an essential tool for businesses and individuals looking for a secure and efficient means of transacting in the United Arab Emirates Dirham whether for cross-border payments, trading, or simply diversifying one’s digital assets.”
