Tethers USDT stablecoin integrates into Abu Dhabis financial ecosystem
Tethers 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 ADGMs regulatory framework.
The approval marks a significant milestone for Tether, enabling the seamless integration of USDT into ADGMs approved financial services ecosystem. Tether CEO Paolo Ardoino emphasized that this achievement highlights the growing importance of stablecoins in modern finance and reinforces the companys role in bridging traditional and decentralized economies.
Ardoino added that the UAEs progressive regulatory stance sets a global benchmark, positioning USDT as a key tool in advancing the regions digital transformation and economic growth.
In August, Tether announced plans to launch a Dirham-pegged stablecoin, underlining its commitment to supporting the UAEs vision as a global economic hub.
Tethers 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 ADGMs mission to solidify Abu Dhabis status as a leading blockchain and web3 innovation hub.
Similarly, Sandeep Nailwal, Polygons co-founder, stated:
Were 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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Text source: CryptoSlate
