Tether, the company behind the USDT stablecoin, has formed a partnership with RAK Digital Assets Oasis (RAK DAO) in the United Arab Emirates.
Tether announced in a blog post that it has signed a Memorandum of Understanding (MoU) with RAK DAO. This collaboration aims to promote the use of Bitcoin (BTC) and stablecoin technology in Ras Al Khaimah.
“In collaboration with RAK DAO, Tether will help facilitate crypto payment adoption in the region and design blockchain-focused education programs,” stated the Tether announcement.
“Tether is proud to collaborate with RAK DAO to realize the promise of Bitcoin and blockchain technology in the region,” said Paolo Ardoino, CEO of Tether.
Dr. Sameer Al Ansari, CEO of RAK DAO, also expressed enthusiasm for the partnership, noting it as a significant milestone for RAK DAO’s ambitions to become a leader in blockchain innovation.
“By harnessing the power of Bitcoin technology and cryptocurrencies, we aim to drive economic growth, foster financial inclusion, and position RAK DAO as a global leader in the digital economy,” said Dr. Sameer Al Ansari.
Earlier this month, Tether announced it would implement a USDT transaction monitoring system in collaboration with Chainalysis, a leading blockchain analytics company. This system will analyze activities on large balance wallets and identify transactions that may be related to illegal activities, terrorist financing, or attempts to circumvent international sanctions.
Summary Review: Tether’s partnership with RAK DAO marks a significant step towards advancing cryptocurrency and blockchain technology in the UAE. By collaborating on crypto payment adoption and blockchain education, Tether and RAK DAO aim to drive economic growth and position Ras Al Khaimah as a key player in the global digital economy. This initiative, along with Tether’s new transaction monitoring system with Chainalysis, underscores the company’s commitment to promoting the secure and compliant use of digital assets.
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