Tether, the largest stablecoin by market cap and investor acceptance, recently made an important announcement. We are living in days when companies announce good news one after another, amid the rise of the cryptocurrency markets in the last quarter.
Tether News
Tether, which has had trouble with regulators for years, has been trying to turn this around for several years. We have seen it take many steps, from converting its reserves into safer assets to expanding its legal and compliance department. If today’s announcement USDTIt was about the approval he received.
“Tether We are announcing that USDT has been accepted as an Admitted Virtual Asset (“AVA”) on the Abu Dhabi Global Market (“ADGM”) by the Financial Services Regulatory Authority (“FSRA”). This approval advances the region’s leadership in digital asset innovation by enabling Authorized Persons operating and licensed by the FSRA to provide pre-approved services related to USDT. This announcement is made available in the United Arab Emirates (UAE) comes at a time when the adoption of digital currencies is increasing and reflects the country’s proactive approach to the integration of traditional and digital finance.”
With over 400 million users and a market cap of $138 billion, Tether has already surpassed major milestones. Now, it has completed its regulatory approvals, eliminating potential legal problems. As we previously reported, USDT’s business in Europe was in trouble because it could not obtain the necessary approvals for MiCA compliance.
Tether CEO said in today’s announcement;
“This milestone underscores Tether’s commitment to driving global financial inclusion and innovation. “By bringing USDT to the forefront of ADGM’s regulated virtual asset framework, we are not only confirming the importance of stablecoins as critical tools for modern finance, but also opening new doors for cooperation and growth in the Middle East.”
Cryptocurrencies Latest Status
BTC price It continues to linger around $97,500 and the cumulative value of cryptocurrencies has fallen to $3.45 trillion. While the fear and greed index decreased to 76, BTC market dominance exceeded 56 again. The good news is that ETH is again targeting $3,800 and hours after the drop, BTC is not looking for deeper bottoms.
Altcoin investors may see more volatility depending on the market’s reaction following the US inflation data coming in approximately 24 hours.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
