Abu Dhabi – Mubasher: Phoenix Group has collaborated with Tether, the largest company in the digital asset industry, to launch a stablecoin pegged to the UAE Dirham, according to a press release.
Backed by Green Acorn Investments Limited, this partnership is set to revolutionise the digital assets landscape by providing a stable, reliable, and secure digital currency.
The global market for stablecoins is valued at $150 billion and is set to widen to $2.80 trillion by 2028.
By mirroring the value of the UAE Dirham, this stablecoin seeks to bridge the gap between traditional finance and the digital economy, offering an advanced solution for investors, businesses, and everyday consumers eyeing stability in cryptocurrency and digital assets.
Seyed Mohammad Alizadehfard, Co-Founder and CEO of Phoenix Group, said: "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.”
Paolo Ardoino, CEO of Tether, commented: "The UAE 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 UAE Dirham whether for cross-border payments, trading, or simply diversifying one's digital assets,” Ardoino mentioned.
In the first half (H1) of 2024, the ADX-listed group recorded net profits after tax attributable to the owners valued at $122.28 million, an annual hike from $48.15 million.
