Acceptance Covers USD₮ on Ethereum, Solana, and Avalanche Blockchains; Enhances Opportunities for Licensed Entities in ADGM
10 December 2024 – Tether, the largest company in the digital assets industry, has announced the acceptance of USD₮ by the Financial Services Regulatory Authority (“FSRA”) as an Accepted Virtual Asset (“AVA”) in the Abu Dhabi Global Market (“ADGM”). This approval enables Authorised Persons operating and licensed by the FSRA to offer pre-approved services related to USD₮, advancing the region’s leadership in digital asset innovation. This announcement comes amid the rising adoption of digital currencies in the United Arab Emirates (UAE), reflecting the nation’s proactive approach to integrating traditional and digital finance.
The UAE, with its dirham pegged to the U.S. dollar, serves as a global benchmark for economic stability. Tether’s USD₮, now surpassing a $138 billion market cap as the world’s most widely used stablecoin, accessed by more than 400 million users globally, complements this stability by providing a trusted, efficient bridge between traditional fiat systems and digital economies. Since 2022 cryptocurrency adoption in the UAE has surged. This progressive regulatory framework has positioned cities like Abu Dhabi and Dubai as global leaders in crypto innovation and blockchain technology, fostering a thriving ecosystem for digital assets.
“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. “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.”
ADGM’s recognition of USD₮ as an Accepted Virtual Asset is a pivotal moment in the evolution of virtual assets in the region. This approval ensures USD₮ meets the standards set by the ADGM, enabling the seamless integration of USD₮ into the approved services of licensed entities in ADGM and supporting the diversification and modernization of the UAE’s financial landscape.
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