Tether's stablecoin USD₮ has been recognized as an accepted virtual asset in the Abu Dhabi Global Market , the company announced.Tether's stablecoin USD₮ has been recognized as an accepted virtual asset in the Abu Dhabi Global Market , the company announced
The approval from the Financial Services Regulatory Authority means that companies which are licensed can offer pre-approved USD₮ services in Abu Dhabi's Global Market. Though, the release did not say what those approved services might be. CoinDesk reached out to Tether for comment. Tether 's USD₮ exceeded a $138 billion market cap but the company wants to continue advancing its growth, the statement said.
“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,” said Paolo Ardoino, CEO of Tether, in a press release.Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg.