Tether, the company behind the world’s most widely used stablecoin, has announced plans to launch a new token pegged to the United Arab Emirates Dirham (AED). This new digital asset will be fully backed by liquid reserves located in the Emirates, ensuring stability for its users.
The AED-pegged stablecoin joins Tether’s growing list of offerings, which already includes stablecoins such as USDT, EURT, CNHT, MXNT, XAUT, and aUSDT. The initiative has been carried out in collaboration with Phoenix Group PLC, a technology conglomerate in the United Arab Emirates, and with the backing of Green Acorn Investments Ltd.
According to Tether’s announcement, this new token will allow users to easily and cost-effectively access the benefits of the AED, facilitating international trade and remittances.
It would also reduce transaction fees and offer effective protection against currency fluctuations, potentially playing a crucial role in the UAE’s financial ecosystem and beyond.
This move seeks to not only increase liquidity in the Cryptocurrency market but also offer more options to traders and investors. Since Tether already leads the revenue generation in the crypto space with its USDT, generating USD 93.75 million, Tether’s new dirham-pegged stablecoin is expected to attract more investors and businesses in the region.
Kamala Harris to back cryptocurrency industry growth in presidential campaign
Democratic presidential candidate Kamala Harris has made clear her stance in favor of the growth of the cryptocurrency industry in the United States. Brian Nelson, a senior advisor to her campaign, revealed that Harris will support policies that encourage the development of emerging technologies and innovative sectors such as cryptocurrencies.
During a panel discussion hosted by Bloomberg at the Democratic National Convention in Chicago, Nelson noted that the candidate is committed to creating a regulatory environment that allows this industry to flourish. “She will support policies that ensure that these technologies can continue to grow,” Nelson said, highlighting Harris’ vision for the country’s economic future.
The announcement comes at a time when the political influence of cryptocurrencies has become a central issue in the 2024 presidential race. Candidates such as Robert F. Kennedy Jr., who is running as an independent, and Republican Donald Trump have also expressed their intention to adopt favorable approaches to cryptocurrency regulation if they reach the White House.
Youtuber Ben Armstrong and Jimmy Butler agree to pay $340,000 in lawsuit for illegal promotion of crypto assets
YouTuber Ben Armstrong and Miami Heat basketball player Jimmy Butler have reached an agreement to resolve allegations that they promoted unregistered securities after receiving payments from Binance, one of the world’s largest cryptocurrency exchanges. Both have agreed to pay $340,000 as part of the settlement, which still requires court approval.
The class action lawsuit, filed in March 2023, alleged that Armstrong and Butler engaged in illegal promotion of crypto assets, harming consumers by promoting Binance and its products. According to the lawsuit, the two allegedly solicited new customers for Binance, receiving commissions for their work, and were accused of promoting cryptocurrencies such as BNB and BUSD, which the complaint said were unregistered securities.
While both Armstrong and Butler denied any wrongdoing, attorneys representing the plaintiffs hailed the settlement as a significant step. “Plaintiffs have worked diligently to litigate these claims for the benefit of all Binance victims. Today, those efforts begin to bear fruit,” the attorneys stated in a court filing on Monday.
Robert F. Kennedy Jr. could drop out of presidential race and back Trump, reports say
Independent candidate Robert F. Kennedy Jr. may be preparing to exit the 2024 US presidential race, according to recent reports. Kennedy is expected to make a crucial announcement on August 23 during a live speech from Phoenix, Arizona, in which he could confirm his withdrawal. According to sources cited by ABC News.
Speculation about his possible withdrawal has been growing in recent days, especially after his running mate Nicole Shanahan suggested in an interview on August 20 that they could join Republican candidate Donald Trump as part of a “unity party.” Interestingly, Trump is scheduled to hold a rally in Glendale, Arizona, on the same day, just 10 miles from where Kennedy will make her announcement.
Prediction platforms such as Polymarket have seen a significant increase in the odds of Kennedy dropping out before November, rising from 51% to 98% between August 20 and 21. The odds of her dropping out of the race before September have also climbed, reaching 90% at the time of publication.
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