USDT Services Now Available in Abu Dhabi
Finance/Policy

USDT Services Now Available in Abu Dhabi

Tether's USD₮ gains acceptance as a virtual asset in Abu Dhabi, enabling firms to offer its services in the region.

Tether's USD₮ has been recognized as an approved virtual asset within the Abu Dhabi Global Market (ADGM), as announced on Tuesday.

The endorsement from the Financial Services Regulatory Authority allows licensed companies to offer pre-approved USD₮ services in the Abu Dhabi market. However, the announcement did not specify which services would receive approval. CoinDesk has reached out to Tether for further clarity.

The market cap of Tether's USD₮ has surpassed $138 billion, and the company is committed to continuing its growth, the statement noted.

“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, in a press release.

The United Arab Emirates has been recognized as a hub for crypto, with Abu Dhabi starting to regulate crypto activities as early as 2018, outpacing many regulators. As regulatory frameworks develop, companies like Circle are also exploring opportunities in the Middle East by incorporating within ADGM.

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