Abu Dhabi Grants Multi-Chain Recognition to Tether's USDT Stablecoin

Stablecoin issuer Tether's USDT, issued on several major blockchains, has been recognized as an Accepted Fiat-Referenced Token (AFRT) within the Abu Dhabi Global Market (ADGM). This designation allows ADGM's Financial Services Regulatory Authority (FSRA)-licensed firms to conduct regulated activities involving USDT on various blockchain networks. This adds to the earlier recognition of USDT on Ethereum, Solana, and Avalanche, thus expanding the regulatory coverage of the stablecoin. The multi-chain approval enhances interoperability and allows USDT to be used as a settlement asset in trading and decentralized applications. Concurrently, rival stablecoin issuer Circle is also expanding its presence in the UAE, securing a Financial Services Permission license from the FSRA of ADGM.