Tether Officially Accepted as Virtual Asset in Abu Dhabi Global Market
Tether, a leading stablecoin issuer, has announced that its USD₮ services can now be offered in the Abu Dhabi Global Market (ADGM) by authorized firms. This major development was revealed on Tuesday, December 10, 2024, at 6:28 p.m. UTC.
What Does This Approval Mean?
The Financial Services Regulatory Authority has officially recognized Tether’s USD₮ as an accepted virtual asset in the ADGM. This approval paves the way for licensed companies to provide pre-approved USD₮ services within Abu Dhabi’s Global Market. While the specific services have not been disclosed yet, this marks a significant milestone for Tether in expanding its reach.
Tether’s Growth and Future Outlook
Despite already exceeding a $138 billion market cap, Tether is determined to continue its growth trajectory. Paolo Ardoino, the CEO of Tether, emphasized the importance of stablecoins in modern finance and the potential for collaboration and growth in the Middle East. This move solidifies Tether’s position in the region and sets the stage for further advancements in the virtual asset space.
Expanding Crypto Presence in the Middle East
The United Arab Emirates, particularly Abu Dhabi, has established itself as a crypto hub with progressive regulations for crypto activities. Circle, another prominent stablecoin issuer, has also expressed interest in the Middle East by incorporating a company in the ADGM. This trend highlights the region’s growing significance in the global crypto landscape and sets the stage for continued innovation and collaboration.
Camomile Shumba, a regulatory reporter at CoinDesk, has covered the evolving crypto landscape with a keen eye for detail. With a background in politics, philosophy, and economics, Shumba brings a unique perspective to the crypto industry. Her diverse experiences and expertise have been featured in various publications, showcasing her dedication to transparent and insightful reporting.
As the world of virtual assets continues to evolve, the acceptance of Tether in the ADGM underscores the growing importance of stablecoins in modern finance. With regulators and companies alike recognizing the value of digital assets, the future holds promising opportunities for innovation and collaboration in the Middle East and beyond.