As a researcher with a keen interest in blockchain technology and digital currencies, I find the recent development involving Tether’s stablecoin on The Open Network (TON) particularly intriguing. My personal journey in this field has been marked by the rapid evolution of the crypto landscape, and watching TON become the fastest blockchain to reach 1 billion USDT within six months of its launch is a testament to the growing acceptance and adoption of stablecoins.
Tether, a company responsible for creating stablecoins, has revealed plans to launch a stablecoin pegged to the UAE Dirham on the The Open Network (TON) blockchain.
At a recent TON Gateway gathering in Dubai, Alessandro Giori, Tether’s Senior Strategic Partnership Manager, disclosed that their previously unveiled UAE Dirham-backed stablecoins are set to debut on the TON blockchain.
On August 21st, Tether revealed plans to team up with the UAE’s Phoenix Group and Green Acorn Investments to introduce a new stablecoin pegged to the UAE Dirham. This partnership intends to create a digital counterpart of the UAE Dirham, which will be fully supported by liquid reserves based in the UAE.
According to a statement from Tether, each token linked to the UAE Dirham (AED) will be securely tied to the value of this currency. This connection aims to offer stability and boost confidence in the token’s value.
USDT’s growth on TON
On April 19th, during the Token2049 conference held in Dubai, it was announced by the CEOs of Tether (Paolo Ardoino), Telegram (Pavel Durov), and The Open Platform (Andrew Rogozov) that USDT (Tether’s stablecoin) would become operational on the TON blockchain.
At a recent TON Gateway gathering, Giori stated that TON became the swiftest blockchain to amass $1 billion in USD-tied tokens (USDT) since its introduction on the blockchain network. He shared that this milestone was achieved within six months after its launch.
Giori said there are 160,000 USDT transactions on TON per day and 7.6 million wallets using USDT on the TON blockchain. He added that there are more than 100 crypto platforms that have integrated USDT based on the TON blockchain.
Giori also announced that USDT on TON will also be available on the digital asset platform Fireblocks. “This means that all the companies that are using Fireblocks are now entering the ecosystem, and more and more people are using USDT on TON,” Giori added.
UAE approves licensing system for stablecoins
The latest move comes after the UAE’s authorities gave their approval to establish a regulatory system for stablecoins on June 3. This new system will provide guidelines for controlling, licensing, and overseeing stablecoins, offering clarity on the emission, licensing, and monitoring of tokens tied to the UAE Dirham.
As an analyst, on October 18th, I’m excited to announce that AED Stablecoin, a stablecoin issuer based in the United Arab Emirates, received an initial approval from the UAE’s central bank. If they secure full approval, this innovative company will be able to provide a regulated stablecoin pegged to the UAE Dirham within the UAE.
Read More
- CRV PREDICTION. CRV cryptocurrency
- CTK PREDICTION. CTK cryptocurrency
- ZIG PREDICTION. ZIG cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- HBAR PREDICTION. HBAR cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- EUR JPY PREDICTION
- BONK trading volume crashed 73% – PEPE, WIF, FLOKI next?
2024-11-01 15:56