Stablecoin issuer Tether announced on Monday that its USD stablecoin USDT issued on multiple major blockchains has been recognized as an 'Approved Fiat Reference Token' (AFRT) within the Abu Dhabi Global Market (ADGM), further driving the company's expansion in the region.
Tether announced on Monday that the recognition allows authorized institutions with an ADGM Financial Services Regulatory Authority (FSRA) license to provide regulated business related to USDT on blockchain networks such as Aptos, Celo, Cosmos, Kaia, Near, Polkadot, Tezos, TON, and TRON. This will shape a multi-chain operational infrastructure and simultaneously enhance liquidity and interoperability at the levels of trading, settlement, and decentralized applications.
This move is expected to expand the reach of USDT in the UAE international financial center. Tether stated that this approval is based on the previous recognition of USDT on Ethereum, Solana, and Avalanche in ADGM.
ADGM is a special economic zone and international financial center located in the capital of the UAE, operating under an independent legal and regulatory framework. The Financial Services Regulatory Authority (FSRA) is the main regulatory and licensing body for businesses in the area.
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