Tether, a leading stablecoin issuer, has announced the upcoming launch of its United Arab Emirates dirham-pegged stablecoin on The Open Network (TON) blockchain.

The announcement was made at the TON Gateway event in Dubai by Alessandro Giori, Tether’s senior strategic partnership manager. He highlighted that this new stablecoin, first unveiled earlier this year, will officially debut on the TON blockchain.

Collaboration to Introduce a Dirham-Backed Stablecoin

In August, Tether revealed its partnership with UAE-based Phoenix Group and Green Acorn Investments to create a stablecoin tied to the UAE dirham (AED). The goal is to offer a digital asset fully backed by liquid reserves held in the UAE, providing a secure and reliable representation of the dirham.

Tether emphasized in its press release that each dirham-pegged token will maintain a 1:1 value with the AED, ensuring stability and user confidence.

Rapid Growth of USDT on the TON Blockchain

The TON blockchain has already shown remarkable success with Tether’s USDT. At the TON Gateway event, Giori noted that TON became the fastest blockchain to surpass 1 billion USDT in circulation, achieving this milestone just six months after its launch.

Giori also shared impressive usage statistics: the TON blockchain sees 160,000 daily USDT transactions, with 7.6 million wallets holding USDT. Additionally, over 100 crypto platforms have integrated TON-based USDT into their systems.

Another major development is USDT’s availability on Fireblocks, a digital asset platform. Giori explained that this integration allows companies using Fireblocks to seamlessly enter the TON ecosystem, further expanding USDT’s reach.

Regulatory Support in the UAE

Tether’s expansion into dirham-backed stablecoins aligns with regulatory advancements in the UAE. In June, the UAE government approved a framework for regulating and licensing stablecoins, offering clarity around their issuance and oversight.

In October, AED Stablecoin, a UAE-based stablecoin issuer, received in-principle approval from the UAE Central Bank to launch a regulated dirham-pegged stablecoin. Full approval would enable the issuer to bring a compliant dirham-backed digital asset to market.

With the launch of its dirham-pegged stablecoin on TON, Tether is taking a significant step toward strengthening its presence in the UAE’s digital economy.