Tether’s USDT Stablecoin Wins Multi-Chain Approval in Abu Dhabi
Stablecoin issuer Tether introduced that USDT issued on a number of main blockchains has been recognised as an Accepted Fiat-Referenced Token (AFRT) inside the Abu Dhabi Global Market (ADGM).
The designation permits companies licensed by the ADGM’s Financial Services Regulatory Authority (FSRA) to conduct regulated actions involving USDT on Aptos, Celo, Cosmos, Kaia, Near, Polkadot, Tezos, TON, and Tron blockchain networks.
Extending USDT’s Regulated Footprint
The transfer follows what the corporate described as ongoing engagement with the FSRA to display the resilience, transparency, and compliance parts of its operations. The newest approval expands on earlier ADGM recognition of USDT on Ethereum, Solana, and Avalanche, thereby broadening the regulatory protection of the stablecoin throughout a wider vary of blockchain networks.
According to the official press launch, the mixed approvals create a multi-chain framework that lets ADGM-licensed companies help extra networks whereas working inside one of many sector’s established regulatory jurisdictions. With this determination, USDT is now recognised in ADGM on almost all main blockchains supported by the issuer.
Tether stated the multi-chain approval will increase interoperability and permits USDT for use as a settlement asset for buying and selling and decentralized purposes, whereas assembly AFRT necessities set by the FSRA.
Following the event, Tether CEO Paolo Ardoino said
“The UAE continues to set the worldwide commonplace for digital asset regulation, and Tether is proud to contribute to this management. This milestone highlights Tether’s dedication to advancing monetary inclusion and innovation on a world scale. Introducing USDT inside ADGM’s regulated digital asset framework reinforces the position of stablecoins as important parts of at the moment’s monetary panorama. It additionally creates recent alternatives for collaboration and progress all through the Middle East. By extending recognition to USDT on a number of main blockchains, ADGM additional strengthens Abu Dhabi’s place as a world hub for compliant digital finance.”
In November, Tether expanded its presence in Bitcoin-backed finance via a strategic funding in Ledn, a lending platform that gives credit score secured by BTC. Ledn affords merchandise reminiscent of danger administration instruments, superior custody, liquidation techniques, and permits customers to entry loans with out promoting their digital belongings. Tether stated the funding aligns with its aim of supporting real-world credit score markets and broadening entry to each retail and institutional debtors.
Circle’s UAE Expansion
Meanwhile, the newest approval for USDT in ADGM comes as rival stablecoin issuer Circle additionally strengthens its foothold in the UAE. Circle announced securing a Financial Services Permission license from the FSRA of Abu Dhabi Global Market, which can permit the corporate to function as a Money Services Provider inside the worldwide monetary heart.
Alongside the regulatory milestone, the fintech additionally stated it has appointed Dr. Saeeda Jaffar as Managing Director for the Middle East and Africa. Dr. Jaffar, who joins from Visa the place she served as Senior Vice President and Group Country Manager for the Gulf Cooperation Council, will oversee the corporate’s regional operations and lead efforts to advance partnerships with monetary establishments and enterprises. The USDC issuer additionally said that her focus will embody supporting the adoption of digital {dollars} and on-chain cost options throughout the UAE and wider MEA markets.
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