USDT officially approved in Abu Dhabi
Date: 2024-12-11 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Tether’s USDT stablecoin has been officially approved for use in the Abu Dhabi Global Market (ADGM) free zone located on Al Maryah Island in Abu Dhabi. The approval was granted by the Financial Services Regulatory Authority (FSRA), which indicates that the token meets the established standards of the zone. Now, companies operating in the ADGM can freely implement USDT in their services.
Stablecoins such as USDT are cryptocurrencies pegged to the value of an underlying asset, most often the US dollar. Their popularity on cryptocurrency exchanges is explained by their frequent use in trading pairs, such as BTC/USDT or ETH/USDC.
USDT is issued on several blockchain platforms, including Tron, Ethereum, Avalanche, Solana, and TON. However, the FSRA approval only applies to three networks: Ethereum, Solana, and Avalanche.
As of December 10, the total market capitalization of stablecoins reached $204 billion, of which USDT is the largest stablecoin on the market, accounting for $138.3 billion. The second position is occupied by USDC with a capitalization of $40.6 billion, which has also received approval for use in the ADGM.
Since the beginning of 2024, the market capitalization of stablecoins has increased by 122%, starting the year at $91.7 billion. This growth coincided with the increase in cryptocurrency rates caused by Donald Trump's victory in the US presidential election. The increase in the capitalization of stablecoins signals increased interest from institutional investors in the cryptocurrency industry.
The TON DLT Foundation project, aimed at developing the TON blockchain ecosystem in the United Arab Emirates, has also received approval for the ADGM market.
At the same time, the Bitcoin MENA 2024 conference is taking place in Abu Dhabi, which has brought together leaders of the crypto industry. Among the key events of the event is a speech by Binance founder Changpeng Zhao about the future of the industry, as well as a statement by Eric Trump, who expressed confidence that Bitcoin will reach the $1 million mark.
