Tether Unveils Plans for UAE Dirham-Backed Stablecoin

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.

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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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Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.