According to the project participants, the AED-denominated stablecoin will create an opportunity to make financial transactions in a currency other than the U.S. dollar.

The launch date of the new Tether product is not named, but the transition to the implementation of the project will take place after receiving a license from the Central Bank of the UAE.
It should take several months.

At the end of the first half of the year, the Board of Directors of the Central Bank of the United Arab Emirates (CBUAE) approved new rules for supervising the circulation of digital stable coins and decided to ban all transactions in the territory of the emirates in stablecoins, the value of which is not linked to the exchange rate of the UAE dirham.