Tether is set to introduce its UAE dirham-backed stablecoin on The Open Network (TON), according to Alessandro Giori, Tether’s senior strategic partnership manager. Giori highlighted TON’s rapid adoption, marking it as the fastest blockchain to reach 1 billion USDT since its inception.
At the TON Gateway event in Dubai, Giori confirmed that Tether’s dirham-backed stablecoin, announced earlier this year in collaboration with the UAE’s Phoenix Group and Green Acorn Investments, will go live on TON. The stablecoin aims to provide a secure, AED-pegged digital asset, fully backed by UAE liquid reserves.
Tether’s expansion on TON began in April, and it quickly reached 1 billion USDT transactions within six months. Currently, TON handles 160,000 USDT transactions per day with over 7.6 million wallets using USDT. Additionally, more than 100 crypto platforms now support USDT on TON, and integration with Fireblocks has opened TON’s ecosystem to even more users.
Summary Review: Tether is launching a UAE dirham-pegged stablecoin on TON, marking a significant step in its expansion on the blockchain. With rapid transaction growth, support from over 100 platforms, and Fireblocks integration, TON is set to drive wider adoption of Tether’s stablecoins in the region.
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