- USD₮ on Ethereum, Solana, and Avalanche Recognized, Enhancing Stability in Digital Economies with Broad Global Usage.
- Tether’s Integration Highlights UAE’s Commitment to Merging Traditional Finance with Blockchain Innovation Across the Middle East.
- Paolo Ardoino of Tether Celebrates Regulatory Approval, Citing Significant Impact on Financial Inclusion and Digital Transformation.
Abu Dhabi’s Financial Services Regulatory Authority (FSRA) has recently added Tether’s USD₮ to its list of Accepted Virtual Assets (AVA) within the Abu Dhabi Global Market (ADGM). This decision allows FSRA-authorized entities to use USD₮ for pre-approved activities, marking a significant step in integrating digital assets into the region’s financial services.
USD₮, which operates on several blockchains including Ethereum, Solana, and Avalanche, is recognized as a bridge between fiat currencies and digital economies. With a user base of over 400 million worldwide and a market cap exceeding $138 billion, USD₮ provides stability in the crypto currency sector resembling the UAE’s own financial stability tied to the U.S. dollar.
The integration of USD₮ into ADGM’s regulatory framework highlights the UAE’s effort to meld traditional financial practices with innovative digital solutions. Paolo Ardoino, Tether’s CEO, noted this approval as a testament to the vital role stablecoins play in modern finance, facilitating secure, efficient transactions across borders.
“This milestone underscores Tether’s commitment to fostering global financial inclusion and innovation. By bringing USD₮ 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,” said Paolo Ardoino, CEO of Tether.
This move by ADGM not only solidifies the legal standing of USD₮ within Abu Dhabi’s financial ecosystem but also encourages further growth and collaboration within the Middle East’s burgeoning digital economy.
“The UAE’s forward-thinking approach to virtual asset regulation sets a global benchmark, and we are proud that USD₮ 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.”
It sets a precedent for how jurisdictions can accommodate digital assets within a regulated framework, ensuring compliance, security, and operational continuity for businesses adopting these technologies.
By recognizing USD₮, ADGM supports the UAE’s broader ambitions to become a global leader in blockchain innovation and digital financial technology, fostering a thriving environment for digital assets.
