In Dubai on November 1, 2024, Tether announced the launch of its dirham-pegged stablecoin on The Open Network (TON) blockchain during the TON Gateway event. This initiative aims to create a digital representation of UAE dirhams, fully backed by liquid UAE-based reserves.
Tether's senior strategic partnership manager, Alessandro Giori, highlighted that the USDT on TON reached 1 billion within six months of its launch, making it the fastest blockchain to achieve this milestone. Currently, there are 160,000 USDT transactions daily on TON, with 7.6 million wallets utilizing the token.
The announcement comes on the heels of the UAE's regulatory framework approval for stablecoins, which aims to provide clarity on the issuance and supervision of dirham-backed payment tokens. Additionally, AED Stablecoin, another UAE-based issuer, has received in-principle approval from the central bank to deliver a regulated dirham-pegged stablecoin.