Tether is launching a Dirham-pegged stablecoin on the TON blockchain, aiming to strengthen its presence in the UAE's fast-growing Web3 market.
Over 7.6 million wallets now utilize USDT on the TON Network, with daily transactions reaching 160,000, highlighting robust adoption.
Integration with Fireblocks enhances Tether's institutional reach, providing greater access to USDT for firms leveraging TON’s blockchain.
Tether Holdings Ltd. has revealed that it would issue a Dirham stablecoin on TON Network which indicates the stablecoin’s issuer is penetrating the Middle Eastern market. The announcement came at the recent event called TON Gateway held in Dubai, where the Senior Strategic Partnership Manager at Tether was Alessandro Giori and he was the one to describe the freshly minted USDT backed by Dirhams.
https://twitter.com/ton_blockchain/status/1852397390784827688
This expansion is in tune with Tether's decentralized finance provider’s approach of availing localized stablecoin choices, as well as caters to the blossoming adoption of digital assets in the United Arab Emirates.
The partnership between Tether and the TON Network, initiated earlier this year, has already yielded substantial growth. The stablecoin, Tether’s USDT, was launched on the TON blockchain in April, and its usage on the platform is already growing fast. From the works of Giori, USDT on TON hit one billion in circulation making it one of the most popular stablecoins on the network fastest-growing. Tether aims to replicate this success with its Dirham-pegged stablecoin, hoping to strengthen its position in the UAE, a region increasingly influential in Web3.
Increasing Traffic in the UAE’s Web3 Ecosystem
The UAE has thus emerged as a leading Web3 destination with international blockchain and cryptocurrency businesses flocking to the nation because of the favorable legal structures as well as the developing technological landscape. With more and more companies setting up bases in UAE, Tether has a chance to serve the enhancing market utilizing a stablecoin associated with Dirham a banknote known by the population. Tether’s strategic expansion comes as it faces regulatory challenges in the European Union, where MiCA compliance requirements have created operational hurdles. Capturing a dominant market position in the UAE could give Tether a significant advantage amid these regulatory pressures.
Metrics Highlight Strong Adoption on TON Blockchain
Adoption metrics for USDT on the TON Network reflect a growing user base. Giori noted that the network sees approximately 160,000 USDT transactions daily, with 7.6 million wallets now holding USDT on TON. Since its initial integration, over 100 Web3 companies have incorporated USDT on TON, underscoring the stablecoin’s utility and popularity within the ecosystem. Tether’s collaboration with Fireblocks, a leading digital asset security platform, further enhances its reach, providing institutional entities using Fireblocks with secure access to USDT on the TON Network.
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