Abu Dhabi-approved: USDT accepted as virtual asset in ADGM

The UAE legalized USDT. Tether announced that its stablecoin had been recognized as an accepted virtual asset in one of the world’s leading financial hubs — the Abu Dhabi Global Market.

Businesses operating within this free zone are free to adopt and use the token in their services. USDT’s approval by local regulators is evidence of its adherence to the standards established within the economic zone.

According to the data from December 10, the total stablecoin market capitalization has increased by 122% since the beginning of the year and is currently above $204 billion.

The growth of public interest in stablecoins coincides with their price surge following Donald Trump’s election win. Analysts suggest that the increase in stablecoins’ market cap can indicate large investors’ growing trust in the digital currency market.

USDT is one of the largest and most popular stablecoins, with a market cap of over $138 billion. According to CoinMarketCap, the crypto coin is already among the top three most important assets, alongside Bitcoin and Ethereum. The latest developments open up even bigger opportunities for Tether.