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Tether has received approval for stablecoin USDT from the Financial Services Regulatory Authority (FSRA), as an approved virtual asset (AVA) in the Abu Dhabi Global Market (ADGM). This decision allows FSRA-licensed entities to provide pre-approved USDT-related services.
Important Legal Steps For Tether’s USDT
The approval of USDT at ADGM reflects compliance with the region’s regulatory standards, opening the way for integration into licensed financial services. The move is consistent with the UAE’s efforts to modernize its financial sector and promote diversification.
Last November, Tether pumped more than $5 billion into the market. The company issued more than 1 billion USDT on November 6, coinciding with the Bitcoin bull run.
Last week, Tether issued another 2 billion USDT, bringing the total issued to 19 billion since November. After ADGM approval on December 10, USDT’s market capitalization skyrocketed to $138 billion.
“The UAE’s pioneering approach to virtual asset management sets a global standard, and we are proud that USDT can play a pivotal role in driving economic progress and technological transformation. digital in the region,” said the company’s CEO Paolo Ardoino said.
Tether posted record profits of $2.5 billion in the third quarter of 2024, bringing its total income for the year to $7.7 billion. The company’s quarterly report highlights total assets of $134.4 billion, demonstrating its strong financial position in the Cryptocurrency sector.
The stablecoin issuer also plans to expand beyond the field of Cryptocurrency. Recently, Tether completed its first crude oil trade in the Middle East, making a $45 million trade using USDT for 670k barrels of oil.
The company is also exploring lending opportunities for international commodity traders. Tether is especially focused on developing markets, capitalizing on its huge profits and industry connections.
Despite its achievements, Tether is still in the sights of US regulators. Previous reports from the WSJ said that the Manhattan District Attorney’s Office was investigating the company for possible abuse of the platform for illegal activities.
However, Tether CEO Paolo Ardoino denied these allegations. Ardoino confirmed the company has not identified any indications of a federal investigation.
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