- Tether, the issuer of USDT, aims to develop a stablecoin solely backed by the currency of the United Emirates.
- According to the information, Tether officially launched its stablecoin USDT on the Aptos Network.
- On August 11, Tether and Xion Global joined hands to advance blockchain education in South Africa.
The surged popularity of blockchain-based currencies has developed curiosity among developing and developed nations. In the past few dozen nations have launched their national digital or central bank digital currency.
Tether, the issuer of USDT, revealed on August 21, 2024, that it plans to provide a new stablecoin pegged to the United Arab Emirates (UAE) dirham. The surging demand for Gulf currency appreciates the move.
As per available data, over five stablecoins in the broader cryptocurrency market are pegged with the United States dollar. Basically, stablecoins are designed to offer consistency in the value, which is pegged with some traditional currency or asset.
Various stablecoins are available in the market, but USDT, USD, and DAI are among the leading ones. USDT is the most traded blockchain product across the market.
In an event in Dubai, Paolo Ardoino, the CEO of Tether, said the dirham would become preferred as global trade shifts: “The primary purpose is actually creating an optionality towards the U.S. dollar.
Tether Partnerships in 2024
On August 19, 2024, Tether officially launched its stablecoin USDT on the Aptos Network; the alliance is backed by the aim of global expansion of its stablecoin.
According to information, Aptos is developing a global DeFi and payments ecosystem emphasizing speed, decentralization, and interoperability. On August 11, Tether and Xion Global joined hands to advance blockchain education in South Africa.
The collaboration aims to demonstrate the benefits of stablecoin payments and build trust in digital financial solutions. The initiative will offer educational resources like videos, case studies, and interactions with industry leaders, focusing on cryptocurrency payments.
Other Market News
In the past 24 hours, gETH Locked Deposit #158 NFT became the most expensive NFT sold for $256,512.86. gETH Locked Deposit #158 is held by (0x47D766B2D229d0323f36660FA9447BEDaF6D9946), minted on August 08, 2024.
Recently, German authorities have seized approximately $28M from 13 unlicensed crypto ATMs across the region. The action demonstrates the government’s bold response to curb the growing threats facing the industry in the region.
Data on CryptoSlam states that blue-chip NFT projects are still dominating the recent surge. In the past seven days, CryptoPunks became one of the most expensive NFTs sold for over $7 Million.
CoinAnk’s data of August 19 quotes that Grayscale Bitcoin spot ETF saw a massive net outflow of $-19.65 Billion, with a market cap of $13.51 Billion, although IBIT gathered $92.70 Million in the inflow.
The Turkish market has surged in registering crypto-based companies, including centralized exchanges, in the past few days. CMB of Turkey quoted on August 09, 2024 that over 45 digital assets exchanges have applied for initial licensing following the revised guidelines.
In the August 2024 draft, the Bank of Ghana proposed a significant move towards regulating digital assets in the country. The Bank developed a draft in response to the region’s surged usage of BTC and USDT.
The Bank desires feedback from industry stakeholders and the masses on its suggested regulatory measures for crypto and other blockchain products.
