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coinpedia 2024-12-10 14:19:28

Tether’s USDT Is Now Accepted As A Virtual Asset In Abu Dhabi Global Market

The post Tether’s USDT Is Now Accepted As A Virtual Asset In Abu Dhabi Global Market appeared first on Coinpedia Fintech News In a latest development, the stablecoin giant Tether, has announced the acceptance of USDT by the Financial Services Regulatory Authority as an Accepted Virtual Asset in the Abu Dhabi Global Market. Notably, this recognition covers USDT on the three major blockchains of Ethereum, Solana and Avalanche. This approval allows authorized and licensed persons by the FSRA to provide pre-approved services related to USDT, strengthening the region’s position in digital asset innovation. Notably, this announcement comes amidst the rising adoption of digital currencies in the UAE, which reflects the nation’s proactive approach to integrating traditional and digital finance. The UAE, with its dirham pegged to the U.S. dollar, serves as a global benchmark for economic stability. Tether’s USDT, now surpassing a $138 billion market cap as the world’s most widely used stablecoin complements this stability by providing a trusted, efficient bridge between traditional fiat systems and digital economies. The advanced regulatory framework has set the cities like Abu Dhabi and Dubai as global leaders in crypto innovation and blockchain technology. “This milestone underscores Tether’s commitment to fostering global financial inclusion and innovation. By bringing USDT to the forefront of ADGM’s regulated virtual asset framework, we are not only validating the importance of stablecoins as critical tools for modern finance but also opening new doors for collaboration and growth across the Middle East,” noted Paolo Ardoino, CEO of Tether. “The UAE’s forward-thinking approach to virtual asset regulation sets a global benchmark, and we are proud that USDT can play a pivotal role in driving economic progress and digital transformation in the region. This approval highlights Tether’s dedication to building bridges between traditional and decentralized economies while ensuring security, trust, and efficiency for users worldwide.”