Tether expands in UAE, partners with RAK DAO

The USDT stablecoin issuing company, Tether, has partnered with RAK Digital Assets Oasis.

Tether mentions signing a Memorandum of Understanding (MoU) with RAK Digital Assets Oasis (RAK DAO) in a blog post. The two organizations will promote the introduction 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.”

Tether announcement

RAK DAO is promoting web3 innovation and driving economic growth in the emirate. Through its educational arm, Tether Edu, the company behind the USDT stablecoin will develop initiatives for people of varying skill levels, covering cutting-edge areas such as Bitcoin, blockchain, peer-to-peer technologies, stablecoin adoption, and real-world cryptocurrency use cases.

“Tether is proud to collaborate with RAK DAO to realize the promise of Bitcoin and blockchain technology in the region.”

Paolo Ardoino, CEO of Tether

In addition, Dr. Sameer Al Ansari, CEO of RAK DAO, noted that the collaboration with Tether marks a turning point in RAK DAO’s journey to become a leading blockchain innovation center.

“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.”

Dr. Sameer Al Ansari, CEO of RAK DAO

Earlier this month, Tether announced it would implement a USDT transaction monitoring system in collaboration with Chainalysis, a leading blockchain analytics company.

Tether will analyze activity on large balance wallets and identify transactions potentially related to illegal activity, terrorist financing, or used to circumvent international sanctions.