DUBAI - The world's largest stablecoin, Tether, said on Wednesday it plans to provide a new stablecoin pegged to the United Arab Emirates (UAE) dirham as it taps demand for the Gulf currency and seeks to offer alternatives to the U.S. dollar.

The stablecoin will be launched in collaboration with Abu Dhabi-listed cryptomining and blockchain conglomerate Phoenix Group, the companies announced during an event in Dubai.

The two firms did not provide a date for the product launch but CEO Paolo Ardoino said licensing by the Central Bank of the UAE "will be the next step and will take a few months".

  - Reuters