Cryptocurrency company Tether said on Wednesday it would launch a new stablecoin pegged to the United Arab Emirates (UAE) dirham as it taps demand for the Gulf currency and seeks to offer alternatives to the U.S. dollar. Tether runs the world's biggest stablecoin with its eponymous dollar-pegged token (USDT), roughly $117 billion in circulation makes up the bulk of the $169 billion stablecoin market. The main purpose is actually creating an optionality towards the U.S. dollar.
Cryptocurrency company Tether said on Wednesday it would launch a new stablecoin pegged to the United Arab Emirates (UAE) dirham as it taps demand for the Gulf currency and seeks to offer alternatives to the U.S. dollar. Tether runs the world's biggest stablecoin with its eponymous dollar-pegged token (USDT), roughly $117 billion in circulation makes up the bulk of the $169 billion stablecoin market. The main purpose is actually creating an optionality towards the U.S. dollar.