He added that the approval was seen as a deviation from the SEC’s usual stance, indicating a potential shift influenced by political pressures.
Phoenix Group PLC and Green Acorn Investments Ltd., two UAE-based businesses, have partnered with Tether to establish a new stablecoin linked to the dirham.
Tether to Introduce Dirham Stablecoin in Partnership with UAE Partners
The new token will be “fully backed by liquid UAE-based reserves” and adhere to Tether’s “transparent and robust reserve standards,” providing users with a stable digital representation of the local currency.
This move is part of a strategic partnership with two prominent UAE-based companies, Phoenix Group PLC and Green Acorn Investments Ltd.