Tethers USDT Gains Abu Dhabis Green Light as an Accepted Virtual Asset
Key Takeaways:
- Abu Dhabis regulatory body has officially recognised Tethers USDT as an Accepted Virtual Asset (AVA).
- This approval spans Ethereum, Solana, and Avalanche blockchains, advancing Tethers adoption in the UAE.
- Tethers USD, with over $138 billion in market cap, strengthens the UAEs digital finance framework.
Tethers USDT stablecoin has gained official recognition as an Accepted Virtual Asset (AVA) from the Financial Services Regulatory Authority (FSRA) within the Abu Dhabi Global Market (ADGM). This approval enables licensed entities in ADGM to offer regulated services involving USDT, reinforcing Abu Dhabis role as a global hub for digital assets.
With its widespread use on the Ethereum, Solana, and Avalanche blockchains, this development marks a significant milestone in the adoption of stablecoins in the United Arab Emirates (UAE).
Tether CEO Paolo Ardoino lauded the recognition as a pivotal moment for digital finance in the Middle East. He stated:
This milestone underscores Tethers commitment to fostering global financial inclusion and innovation. By bringing USDT to the forefront of ADGMs regulated virtual asset framework, we are validating the importance of stablecoins as critical tools for modern finance and opening new doors for collaboration and growth across the Middle East.
Tether Leads Stablecoin Integration in the UAE
The UAE has emerged as a leader in crypto adoption, fueled by its forward-thinking approach to virtual asset regulation. With its dirham pegged to the U.S. dollar, the country has built a reputation for economic stability, making it an ideal environment for digital currencies.
This stability pairs well with Tethers USDT, currently the largest stablecoin in the world and boasting a market cap of over $138 billion-midway between traditional financial systems and digital ones.
Places like Abu Dhabi and Dubai are turning out to be the hotbed of blockchain innovation on the global scale. ADGMs recognition of USDT further solidifies the UAEs position in the digital asset industry. Since 2022, there has been a surge in the adoption of cryptocurrencies in this region due to a friendly regulatory environment that fosters innovation with the assurance of financial integrity.
Acknowledging USDT as an AVA means that the stablecoin has been checked to be within the tough limits put by ADGM for smooth integration into services that will be approved by licensed entities. This further endorses stablecoins as more useful in driving financial inclusion and diversification.
Related Reading | Solana Attracts Ethereum Star Expert
Read more: https://www.tronweekly.com/tethers-usdt-gains-abu-dhabis-green-light/
Text source: TronWeekly
