{"id":95034,"date":"2024-08-22T00:00:00","date_gmt":"2024-08-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/phoenix-group-and-tether-to-launch-aed-pegged-stablecoin\/"},"modified":"2024-08-22T00:00:00","modified_gmt":"2024-08-22T00:00:00","slug":"phoenix-group-and-tether-to-launch-aed-pegged-stablecoin","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/08\/22\/phoenix-group-and-tether-to-launch-aed-pegged-stablecoin\/","title":{"rendered":"Phoenix Group and Tether to launch AED-pegged stablecoin"},"content":{"rendered":"

An AED-pegged stablecoin is in the works: <\/strong>ADX-listed crypto miner Phoenix Group and cryptocurrency giant Tether<\/a> are planning to launch a new AED-pegged stablecoin, with support from Green Acorn Investment, according to an ADX disclosure (pdf)<\/a>. The stablecoin will be \u201cfully backed\u201d by liquid UAE-based reserves, and accessible globally, according to a separate statement<\/a> from Tether. The collaboration is subject to regulatory review and approval.<\/p>\n

Uh, Enterprise, what is a stablecoin? <\/strong>Stablecoins are digital tokens that maintain a stable value by being tied to fiat currencies like the USD. They can be used for both payments and crypto trading.<\/p>\n

The move comes in a bid to offer an alternative to USD-backed stablecoins, <\/strong>Reuters<\/a> cites Tether CEO Paolo Ardoino as saying during an event in Dubai. \u201cWe see a lot of interest in holding AED outside of the UAE,\u201d Ardoino said, adding that he suspects the AED will become a preferred currency as global trade shifts, driven by the stability and safety of the UAE and its balance sheet.<\/p>\n

Timeline: <\/strong>While the crypto players did not disclose a specific launch date for the stablecoin, Reuters quotes Ardoino as saying licensing from the Central Bank could take a few months.<\/p>\n

REMEMBER- <\/strong>The Abu Dhabi Global Market just published draft regulations to allow the issuance of stablecoins, after the Dubai Financial Services Authority recently eased<\/a> stablecoin regulations. The Central Bank of the UAE\u2019s board also greenlit the introduction of a licensing and regulatory system for stable cryptocurrencies. <\/p>\n","protected":false},"excerpt":{"rendered":"

The move comes as Tether looks to offer an alternative to the USD<\/p>\n","protected":false},"author":1,"featured_media":95035,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1558],"tags":[107,127,7,229,1780],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-crypto","tag-cryptocurrency","tag-enterpriseam-uae","tag-phoenix-group","tag-tether","wpautop","entry"],"acf":{"mongo_id":"7bbea612-b8eb-4e78-87db-532f614427af","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/727.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Phoenix Group and Tether to launch AED-pegged stablecoin","related_issue":[95024],"teaser":"The move comes as Tether looks to offer an alternative to the USD","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.d43a67ab-ce3c-4354-a3a0-fd0d37629a37.mp3"},"yoast_head":"\nPhoenix Group and Tether to launch AED-pegged stablecoin - 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