Tether, the leading stablecoin issuer, has received approval from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) to operate within the region. This approval allows FSRA-licensed individuals and businesses to offer USDT-powered services within the ADGM.
Expanding Global Reach
This approval marks a significant milestone for Tether, expanding its global reach and solidifying its position as a key player in the evolving digital asset landscape. By gaining regulatory approval in the ADGM, Tether can now offer its services to a wider range of customers in the Middle East while adhering to the region's regulatory requirements.
Focus on Compliance and Innovation
Tether CEO Paolo Ardoino emphasized the company's commitment to fostering global financial inclusion and innovation. "By bringing USD₮ to the forefront of ADGM's regulated virtual asset framework, we are not only validating the importance of stablecoins as critical tools for modern finance but also opening new doors for collaboration and growth across the Middle East," Ardoino stated.
Growth in the Middle East
This latest approval follows Tether's growing presence in the Middle East. In May 2024, Tether announced a partnership with RAK Digital Assets Oasis in Ras Al Khaimah, UAE, to promote the adoption of stablecoins and Bitcoin in the region.
Strengthening Market Position
With a market capitalization exceeding $138 billion, USDT remains the dominant stablecoin in the market. This approval from the ADGM further strengthens Tether's position and reinforces its commitment to regulatory compliance and responsible growth.
December 2024, Cryptoniteuae