The Dirham-pegged stablecoin is expected to generate multiple opportunities to significantly bolster the digital economy.

Abu Dhabi, United Arab Emirates – 21 August 2024, UAE’s multi-billion dollar tech conglomerate, Phoenix Group PLC, listed on the Abu Dhabi Securities Exchange (ADX), today announced its collaboration with Tether, the largest company in the digital asset industry, with plans to launch a stablecoin pegged to the United Arab Emirates Dirham. This collaboration between Phoenix Group and Tether is supported by Green Acorn Investments Ltd.

With the global market for stablecoins currently valued at $150 billion and set to grow exponentially to $2.8 trillion by 2028, this monumental initiative is set to revolutionise the digital assets landscape by providing a stable, reliable, and secure digital currency. By mirroring the value of the United Arab Emirates Dirham (amongst the world’s most stable currencies), this stablecoin aims to bridge the gap between traditional finance and the digital economy, offering a robust solution for investors, businesses, and everyday consumers seeking stability in the world of cryptocurrency and digital assets.