Tether Expands in UAE, Partners with RAK DAO
Tether, the company behind the USDT stablecoin, has announced a significant partnership with RAK Digital Assets Oasis (RAK DAO) to promote the adoption of Bitcoin (BTC) and stablecoin technology in Ras Al Khaimah, UAE. This partnership was formalized through a Memorandum of Understanding (MoU), as revealed in a recent Tether blog post.
Tether and RAK DAO Collaboration
In their collaboration, Tether and RAK DAO aim to facilitate crypto payment adoption in the region and develop blockchain-focused educational programs. Paolo Ardoino, CEO of Tether, emphasized the potential of this partnership:
“In collaboration with RAK DAO, them will help facilitate crypto payment adoption in the region and design blockchain-focused education programs.”
RAK DAO is dedicated to promoting web3 innovation and driving economic growth within the emirate. Through its educational initiative, Tether Edu, the company will offer programs for individuals at various skill levels. These programs will cover advanced topics such as Bitcoin, blockchain, peer-to-peer technologies, stablecoin adoption, and practical cryptocurrency use cases.
Driving Economic Growth and Innovation
Dr. Sameer Al Ansari, CEO of RAK DAO, highlighted the significance of this collaboration for RAK DAO’s mission to become a premier blockchain innovation hub:
“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.”
Enhancing Security with Chainalysis
Earlier this month, them also announced a collaboration with Chainalysis, a leading blockchain analytics company, to implement a USDT transaction monitoring system. This system aims to analyze activities on large balance wallets, identifying transactions potentially linked to illegal activities, terrorist financing, or attempts to circumvent international sanctions.
With these initiatives, them continues to play a crucial role in advancing the global adoption of cryptocurrency and blockchain technology.
