Integration Expands Opportunities for Licensed Entities with Support on Ethereum, Solana and Avalanche
December 10, 2024 – Leading stablecoin issuer Tether has achieved a major milestone with its USD₮ stablecoin now recognized as an Accepted Virtual Asset (“AVA”) by the Abu Dhabi Global Market Financial Services Regulatory Authority (FSRA) (ADGM). This approval allows FSRA authorized entities to provide pre-approved services using USD₮, solidifying the UAE’s position as a global hub for digital asset innovation.
This move aligns with the UAE’s proactive efforts to merge traditional and digital finance, supported by its stable economic foundation linked to the dirham’s peg to the US dollar. USD₮, currently valued at a market capitalization exceeding $138 billion and serving over 400 million users worldwide, enhances this stability by acting as a reliable bridge between fiat currencies and burgeoning digital economy.
Since 2022, cryptocurrency adoption in the UAE has increased, with cities like Abu Dhabi and Dubai leading global advancements in blockchain technology and crypto innovation. The UAE’s progressive regulatory environment continues to foster a thriving digital asset ecosystem, attracting investments and positioning the region as a leader in financial modernization.
Paolo Ardoino, CEO of Tether, commented:
“This milestone underscores Tether’s dedication to promoting financial inclusion and global innovation. By integrating USD₮ into the regulated ADGM framework, we reaffirm the importance of stablecoins as essential tools for modern finance. The UAE’s forward-thinking regulatory approach sets a global standard and we are proud that USD₮ can help drive economic growth and digital transformation in the region. “This approval emphasizes our commitment to building safe and efficient bridges between traditional and decentralized financial systems.”
The FSRA’s recognition of USD₮ as an accepted virtual asset is a historic moment, ensuring the stablecoin meets ADGM’s strict standards. This support paves the way for seamless integration into authorized entity services within ADGM, further supporting the UAE’s strategy to diversify and modernize its financial landscape.
