Tether’s USDT stablecoin integrates into Abu Dhabi’s financial ecosystem News โธ UAE โธ Polygon · Tether โธ Stablecoins
Tether’s USDT stablecoin integrates into Abu Dhabi’s financial ecosystem
Tether's landmark recognition in the UAE underscores the growing global influence of stablecoins within regulated financial ecosystems.
2 min read
Updated: Dec. 10, 2024 at 4:53 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Tether’s USDT stablecoin has been approved as an Accepted Virtual Asset (AVA) by the Abu Dhabi Global Market (ADGM), according to a Dec. 10 statement.
The landmark decision, granted by the Financial Services Regulatory Authority (FSRA), allows licensed entities within the jurisdiction to offer services involving USDT under ADGM’s regulatory framework.
The approval marks a significant milestone for Tether, enabling the seamless integration of USDT into ADGM’s approved financial services ecosystem. Tether CEO Paolo Ardoino emphasized that this achievement highlights the growing importance of stablecoins in modern finance and reinforces the company’s role in bridging traditional and decentralized economies.
Ardoino added that the UAE’s progressive regulatory stance sets a global benchmark, positioning USDT as a key tool in advancing the region’s digital transformation and economic growth.
In August, Tether announced plans to launch a Dirham-pegged stablecoin, underlining its commitment to supporting the UAE’s vision as a global economic hub.
Tether’s USDT is the largest stablecoin by market cap, controlling around 70% of the market with a supply of more than $138 billion.
Token disclosure standards
Meanwhile, the ADGM is also collaborating with Polygon Labs to establish a global token disclosure process for the web3 ecosystem.
This initiative aims to enhance the Distributed Ledger Technology (DLT) Foundations Regulations, introduced in 2023, to streamline token issuance and support Decentralized Autonomous Organizations (DAOs).
Hamad Al Mazrouei, CEO of the ADGM Registration Authority, stated that the token disclosure process is designed to promote transparency and strengthen trust in blockchain technologies.
He added that the partnership with Polygon Labs aligns with ADGM’s mission to solidify Abu Dhabi’s status as a leading blockchain and web3 innovation hub.
Similarly, Sandeep Nailwal, Polygon’s co-founder, stated:
“Weโre not only establishing new benchmarks for transparency and disclosure but also creating a foundation for trust that allows users, developers, and institutions worldwide to engage with blockchain systems confidently.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Polygon
$0.56220
Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
Polygon Labs
Polygon Labs develops Ethereum scaling solutions for Polygon protocols.
Tether Limited
Tether Limited is the company that introduced Tether (USDโฎ or USDT), an asset-backed cryptocurrency stablecoin, in 2014.
Paolo Ardoino joined Bitfinex at the beginning of 2015 and now serves as Chief Technology Officer.
Sandeep Nailwal is the co-founder of the Polygon Network.