Crypto had a humble beginning. At the time of its release, it was viewed as nothing more than an experiment. However, the tables eventually turned, and things escalated as they did. Now, cryptocurrency is one of the largest investment landscapes, with an overall business capitalization of $2.97 trillion.
As a result, more and more institutions are realising the importance of the crypto landscape and want to get in on the action. The latest addition to this list is Abu Dhabi. In a recent report shared by AltcoinGordon on X, First Abu Dhabi Bank, IHC, and Abu Dhabi’s ADQ are planning to launch their dirham-backed stablecoin.
New Dirham-Based Stablecoin To Make Debut
According to the source, the token will be fully regulated by the UAE Central Bank. Therefore, this suggests that the nation will back the token and will have deep institutional roots in the UAE’s financial system. This will allow the token to have better liquidity and offer significant advantages.
This dirham-backed stablecoin could alter the power dynamics of the landscape. The news of a dirham-backed stablecoin was first released by an insider named AltcoinGordon. This new venture marks a general shift in the world towards greater crypto acceptance.
The Implication
As soon as the news of a new crypto hit the market, people noticed a slight uptick in the stablecoin market. USDT saw a 1.2% price increase. Meanwhile, USDC surged by 0.9%. At press time, the tokens are going for $1.001 and $1.0009, respectively.
There was also a 6.5% increase in the trading volume of USDC and USDT. All of these signs indicate that the news of a new dirham-based stablecoin has sparked general interest in the stablecoin landscape.
How Will Trading Change?
The market is reacting positively to the news, but things can soon change in the blink of an eye. One of the most significant changes that the token could bring is how trading might operate. In other words, the introduction of a new cryptocurrency token can enhance overall trust in the landscape.
In other words, it could change how people see the landscape as a whole. Therefore, making it an important detail. This could drive the demand for pairs like USDT/AED or USDC/AED on exchanges such as Binance and Kraken.
The addition of a new stablecoin could not just change the dynamics of the big players like BTC and ETH. The BTC/USDT pair saw a modest price rise of 0.5%. As a result, the token is currently going for $67,800. Meanwhile, ETH/USDT saw a modest 0.7% rise and is currently trading at $ 3,250.
Overall, the market is responding positively to the introduction of this new dirham-based currency. Therefore, it will be interesting to see what the future holds.
