USDT issuer Tether has expanded its presence in Abu Dhabi Global Market (ADGM), securing key approval for use across several major networks. This comes just weeks after Ripple’s RLUSD stablecoin secured a similar approval, while crypto exchange Binance also secured approval to provide trading services in the region.
Tether’s USDT Gains Recognition As an Accepted Fiat-Referenced Token
In a press release, Tether announced that its stablecoin has gained recognition as an Accepted Fiat-Referenced Token (AFRT) within the ADGM. The firm noted that this recognition allows authorized persons licensed by the Financial Services Regulatory Authority (FSRA) of ADGM to offer Regulated Activities involving the stablecoin on the Aptos, Celo, Cosmos, Kaia, Near, Polkadot, Tezos, TON, and TRON blockchains.
This development comes just weeks after Ripple’s RLUSD gained a similar recognition for use across the Abu Dhabi global markets. The USDT issuer stated that this milestone follows continued close engagement with the FSRA to demonstrate their “resilience, transparency, and compliance-focused approach” across their operations.
Tether also noted that the approval builds on ADGM’s previous recognition of USDT on Ethereum, Solana, and Avalanche. The firm added that the approval forms part of a broader wave of new network approvals, extending its stablecoin’s coverage far beyond the original three chains.
“This multi-chain approval enhances interoperability across the global financial system, allowing USDT to function as a reliable settlement asset for trading and decentralized applications, while maintaining the AFRT criteria and safeguards required by the FSRA,” the stablecoin issuer added.
Paolo Ardoino Praises The UAE
Commenting on this development, Tether’s CEO Paolo Ardoino stated that the UAE continues to set the global standard for crypto regulation and that his company is proud to contribute to this leadership. He further remarked that this milestone highlights their dedication to advancing financial inclusion and innovation on a global scale.
Ardoino also mentioned that the introduction of the USDT stablecoin within ADGM’s regulated crypto framework reinforces the role of stablecoins as essential components of today’s financial landscape. He added that it creates fresh opportunities for collaboration and growth throughout the Middle East.
Meanwhile, Abu Dhabi remains a major hub for crypto firms. As CoinGape reported, the largest crypto exchange, Binance, just secured full regulatory approval from the FSRA under Abu Dhabi Global Market (ADGM).
The approval enables the crypto exchange to offer regulated trading, custody, settlement, and off-exchange activities. Binance noted that it is the first exchange to secure full regulatory approval in the region.
Source: https://coingape.com/tethers-usdt-secures-abu-dhabi-global-market-approval-after-ripples-rlusd/