Tether Secures Virtual Asset Approval from the United Arab Emirates

Forex - Tether has announced that it is one of the first stablecoin providers to have USDT approved as a virtual asset (AVA) in the Abu Dhabi Global Market (ADGM).

Tether, a leading company in the digital asset sector, stated that the Financial Services Regulatory Authority has recognized USDT as an accepted Virtual Asset in the Abu Dhabi Global Market. This approval allows licensed entities regulated by the FSRA to offer pre-approved services related to USDT, advancing the region's leadership in digital asset innovation. This announcement comes amid the growing adoption of digital currencies in the United Arab Emirates (UAE) and reflects the country's proactive approach to integrating traditional and digital finance.

The UAE, which pegs the dirham to the US dollar, serves as a global benchmark for economic stability. Tether’s USDT, the most widely used stablecoin in the world, complements this stability by providing a reliable and effective bridge between traditional fiat systems and digital economies, reaching over 400 million users with a market value exceeding 138 billion dollars. As cryptocurrency adoption has rapidly increased in the UAE since 2022, a forward-thinking regulatory framework is transforming cities like Abu Dhabi and Dubai into global leaders in crypto innovation and blockchain technology.

“In this milestone, we reaffirm our commitment to promoting global financial inclusion and innovation,” said Tether CEO Paolo Ardoino, commenting on USDT’s economic progress and digital transformation. “By bringing USDT to the forefront of the regulated virtual asset framework of ADGM, we not only validate the importance of stablecoins as critical tools for modern finance but also open new doors for collaboration and growth across the Middle East. The UAE’s forward-looking approach to virtual asset regulation sets a global benchmark, and we are proud of the significant role USDT will play in driving economic progress and digital transformation in the region. Tether continues to bridge traditional and decentralized economies while providing a secure environment for users.”

The recognition of USDT as an Accepted Virtual Asset by ADGM marks a significant turning point in the evolution of virtual assets in the region. This approval guarantees that USDT meets the standards set by ADGM, allowing for seamless integration of USDT into the approved services of licensed entities in ADGM, thereby supporting the diversification and modernization of the UAE’s financial landscape.