Tether Unveils Plans for UAE Dirham-Backed Stablecoin

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Cryptodnes2024/11/01 21:33

By:Cryptodnes

Tether is set to launch its dirham-pegged stablecoin on The Open Network (TON) blockchain.

The announcement, made by Alessandro Giori at the TON Gateway event in Dubai, follows a collaboration with the UAE’s Phoenix Group and Green Acorn Investments to create a digital representation of the UAE dirham, fully backed by local reserves.

Tether has committed to ensuring that each token is tied to the value of the AED.

Since the launch of USDT on TON , it has quickly gained traction, reaching 1 billion USDT transactions in just six months.

Stablecoin Growth Fuels Demand for Short-Term T-Bills

Currently, there are about 160,000 daily USDT transactions and 7.6 million wallets utilizing the stablecoin, with over 100 crypto platforms integrated. Additionally, USDT will be available on the Fireblocks digital asset platform.

This development coincides with the UAE’s approval of a licensing framework for stablecoins, which aims to clarify the regulations for dirham-backed tokens.

On October 18, AED Stablecoin received in-principle approval from the UAE’s central bank, potentially leading to a regulated dirham-pegged stablecoin launch.

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