TLDR
- Tether’s USDT has secured approval as an Accepted Fiat-Referenced Token in Abu Dhabi Global Market.
- The approval allows USDT to be used across multiple blockchain networks including Aptos, Celo, and TRON.
- Tether’s stablecoin expands beyond Ethereum, Solana, and Avalanche with new network approvals.
- The approval follows Tether’s continuous engagement with the Financial Services Regulatory Authority of ADGM.
- Tether’s CEO Paolo Ardoino praised the UAE’s role in setting global crypto regulation standards.
Tether’s stablecoin, USDT, has secured approval to expand its reach in the Abu Dhabi Global Market (ADGM). The approval allows Tether to operate across multiple major networks. This comes shortly after Ripple’s RLUSD stablecoin received similar recognition.
Tether’s Stablecoin Recognized as Accepted Fiat-Referenced Token
Tether announced that USDT is now recognized as an Accepted Fiat-Referenced Token (AFRT) within ADGM. This recognition allows authorized entities licensed by the Financial Services Regulatory Authority (FSRA) to offer regulated activities involving USDT. The stablecoin can now be used on the Aptos, Celo, Cosmos, Kaia, Near, Polkadot, Tezos, TON, and TRON blockchains.
The approval expands on the previous recognition of USDT on Ethereum, Solana, and Avalanche. Tether emphasized that this achievement follows continuous engagement with the FSRA to demonstrate its compliance and transparency.
“We are proud to receive this recognition, which reflects our commitment to resilience and transparency,” said Tether in a statement.
Expansion Boosts USDT’s Role Across Global Financial Markets
This approval enhances the interoperability of USDT, positioning it as a key asset for settlement and decentralized applications. Tether sees the recognition as an important step toward financial inclusion and global innovation. The firm also highlighted that the approval builds on its previous achievements, further solidifying its presence in the Middle East.
Tether’s CEO, Paolo Ardoino, commented on the approval, stating, “The UAE continues to set the global standard for crypto regulation.” He added that this milestone marks another chapter in Tether’s ongoing efforts to drive innovation in the financial landscape.
The recognition of USDT underlines the growing role of stablecoins in global financial systems. Tether’s focus on regulatory compliance continues to strengthen its position as a reliable and transparent digital asset.
Binance’s Recent Approval Sets Precedent for Crypto in Abu Dhabi
As Tether expands in Abu Dhabi, crypto exchange Binance also secured approval for its services. The FSRA granted Binance full regulatory approval to offer trading, custody, and settlement services. This places Binance as the first exchange to gain such approval in the region.
Tether’s growth within ADGM reinforces the UAE’s rising influence as a hub for crypto businesses. The country’s progressive stance on cryptocurrency regulation continues to attract key players in the market.
