Tether has announced the launch of its dirham-pegged stablecoin on The Open Network (TON) blockchain during the TON Gateway event in Dubai. Tether's senior strategic partnership manager, Alessandro Giori, emphasized the collaboration with UAE firms Phoenix Group and Green Acorn Investments to create a stablecoin fully backed by liquid UAE reserves. The stablecoin aims to maintain a value tied to the UAE dirham (AED), providing stability for users. Since its inception, Tether's USDT has seen significant growth on the TON blockchain, becoming the fastest to reach 1 billion USDT in just six months, with an impressive daily transaction volume of 160,000 across 7.6 million wallets. Additionally, USDT will now be available on the digital asset platform Fireblocks, expanding its accessibility. This development follows the UAE's recent regulatory framework for stablecoins, aimed at providing clarity for issuers and ensuring compliance within the market.

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