MANAMA, 24 October 2025– Bahrain FinTech Bay signed a Memorandum of Understanding with crypto giant Tether to accelerate blockchain innovation, boost digital asset education, and advance sustainable digital growth in the Kingdom of Bahrain.
Headquartered in El Salvador, Tether is a blockchain-enabled platform provider that enables the use of fiat currencies in a digital manner. It is the issuer of USD₮, the world’s most widely used stablecoin by market capitalisation. Tether is also known to have democratised cross-border transactions with blockchain.
The collaboration is in line with the latest forward-thinking stablecoin regulatory framework released by the Central Bank of Bahrain. It outlines requirements on licensing, asset segregation, reserve management, as well as legal classifications of different types of stablecoins. The framework ensures responsible innovation and secure entry of stablecoins into the financial ecosystem.
As part of the agreement, Bahrain FinTech Bay and Tether will speed up blockchain adoption through education, community engagement support, and advocating for collaboration between private and public sectors.
Both parties also target to bring in international talent and attract foreign direct investments to the Kingdom. Bahrain envisions to be a centre for blockchain innovation and development.
Bahrain FinTech Bay, a subsidiary of the BENEFIT Company, is the Kingdom’s leading fintech hub. As a fintech ecosystem builder, it incubates initiatives through acceleration programmes, innovation labs, and educational opportunities. The hub collaborates with financial intuitions, governmental bodies, corporates, and consultancies, among others.
