Originally published on: November 01, 2024
Tether, a prominent stablecoin issuer, has recently revealed its plans to launch a dirham-pegged stablecoin on The Open Network (TON) blockchain. This announcement was made during the TON Gateway event in Dubai by Alessandro Giori, Tether’s senior strategic partnership manager.
The collaboration between Tether, the UAE’s Phoenix Group, and Green Acorn Investments aims to introduce a digital representation of UAE dirhams, supported by liquid reserves in the UAE. This move is set to provide stability and confidence in the value of the dirham-pegged token.
Notably, Tether CEO Paolo Ardoino, Telegram founder Pavel Durov, and The Open Platform CEO Andrew Rogozov previously announced the launch of USDt on the TON blockchain at the Token2049 event in Dubai. Since its inception, TON has emerged as the fastest blockchain to reach 1 billion USDT, achieving this milestone within six months.
With 160,000 USDT transactions per day and over 7.6 million wallets utilizing USDT on the TON blockchain, Giori emphasized the widespread adoption of USDT on the platform. Furthermore, integration with the digital asset platform Fireblocks will further expand the ecosystem, making USDT on TON more accessible to users.
This development aligns with the UAE’s recent approval of a licensing framework for stablecoins, enhancing regulatory clarity for dirham-backed payment tokens. AED Stablecoin, a UAE-based issuer, has already secured in-principle approval from the country’s central bank, paving the way for a regulated dirham-pegged stablecoin in the UAE.
In a rapidly evolving financial landscape, Tether’s foray into dirham-pegged stablecoins on the TON blockchain underscores its commitment to facilitating seamless digital transactions in the UAE and beyond. Stay tuned for more updates on this burgeoning ecosystem!
