Phoenix Group, Tether to Launch UAE Dirham-Pegged Stablecoin
The Dirham-pegged stablecoin, built on a secure blockchain platform, is designed to provide stability and transparency in the digital assets market.
Phoenix Group PLC, listed on the Abu Dhabi Securities Exchange (ADX), has partnered with Tether to launch a stablecoin pegged to the UAE's Dirham. Supported by Green Acorn Investments Ltd, this collaboration aims to connect traditional finance with the digital economy.[1]
The global stablecoin market is currently valued at $150 billion and is expected to grow to $2.8 trillion by 2028. The Dirham-pegged stablecoin, built on a secure blockchain platform, is designed to provide stability and transparency in the digital assets market.
Phoenix Group, a tech conglomerate in the UAE, operates in various sectors, including mining and investments. The company, founded in 2017 by Bijan Alizadeh Fard and Munaf Ali, runs the largest mining farm in the MENA region and multiple facilities in the US, Canada, CIS, and the UAE.
The stablecoin will be globally accessible, leveraging the UAE's regulatory framework and the increasing adoption of cryptocurrency.