Tether, the leading issuer of stablecoins known for USDT, has made significant progress by announcing the launch of its United Arab Emirates dirham-pegged stablecoin on The Open Network (TON) blockchain. UAE
The announcement was made by Alessandro Giori, Tether’s senior strategic partnership manager, during the TON Gateway event in Dubai. This move aligns with Tether’s broader strategy to expand its offerings in the rapidly evolving digital financial landscape of the Gulf region.
Earlier this year, Tether proposed creating a digital representation of the UAE dirham that would be fully backed by local liquid reserves, collaborating with the Phoenix Group and Green Acorn Investments to maintain stability and instill confidence in the market.
The decision to launch this new stablecoin on the TON blockchain is significant, highlighting Tether’s intention to leverage the blockchain’s scalability and efficiency. The TON platform is favored by businesses seeking reliable digital payment solutions due to its capability for fast and seamless transactions.
Giori emphasized the growing engagement on TON, citing over 160,000 daily transactions of USDT and 7.6 million wallets on the blockchain. He also noted that USDT on TON is now accessible on Fireblocks, broadening its utility within the TON ecosystem. TON UAE
The launch of this dirham-pegged stablecoin aligns with the UAE’s proactive stance on cryptocurrency regulation. In June, UAE officials enacted a licensing framework for stablecoins, establishing rules for issuance, monitoring, and licensing to foster a stable regulatory environment.
UAE’s Regulatory Support Fuels Stablecoin Development These policies provide essential regulatory clarity for stablecoin operations in the region, positioning the UAE as a key hub for digital finance and creating conducive conditions for innovation and wider cryptocurrency adoption.
Additionally, AED Stablecoin, a local issuer, announced in principle approval from the UAE’s central bank on October 18, highlighting the UAE’s commitment to regulated stablecoin integration. If the company secures full regulatory approval, it will pave the way for a compliant dirham-backed digital currency in the region. Tether TON UAE
This initiative underscores Tether’s aim to meet the growing demand for localized digital assets, offering alternatives to dollar-based transactions and enhancing financial flexibility for users both within and beyond the UAE.
In addition to its initiatives in the UAE, Tether is collaborating with Turkey to tokenize its boron reserves, aiming to modernize the commodity trading system. This move reflects Tether’s commitment to fostering innovation in various markets while adapting to the evolving landscape of digital finance. TON