USDT stablecoin publisher, Tether, received official recognition as Accepted Virtual Assets (AVA) from Abu Dhabi Global Market (ADGM). This decision gives companies registered with ADGM the right to utilize USDT in various regulated financial transactions, including cross-border payment.
The recognition from the ADGM does not only apply to USDT published on Ethereum, but also USDT issued on other blockchains such as Solana and Avalanche. This admission is also a big step for the United Arab Emirates (UAE) which has long been ambitious to become a global crypto center.
Tether CEO Paolo Ardoino said that this recognition is a strategic step towards bringing stablecoins further into a regulated and recognized financial framework in the global market.
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"We hope this recognition can open up greater opportunities for collaboration and innovation in the digital financial sector, as well as increase stablecoin adoption in the Middle East region," said Ardoino.
In addition, Tether also showed a significant expansion in the crypto market by issuing more than 5 billion USDT within 72 hours in November 2024. This increased USDT's market capitalization from 124 billion US dollars (Rp1,984 trillion) to around 138 billion US dollars (Rp2,208 trillion) in early December 2024.
The market value makes USDT the largest stablecoin in the world's market capitalization. Currently, USDT is ranked third in the largest crypto asset by market cap. Market Cap USDT is only 100 trillion adrift of XRP which plans to release RLUSD stablecoins.
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