Tether to Launch Its Dirham-Pegged Stablecoin on TON Blockchain

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Tanzeel Akhtar

Journalist

Tanzeel Akhtar

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Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.

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November 1, 2024 10:55 EDT

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Tether is launching its Dirham-pegged stablecoin on TON Blockchain, according to Alessandro Giori, senior strategic partnership manager at Tether.

Speaking at the Gateway 2024 event taking place in Dubai, Giori said:

“We announced a joint venture with Phoenix Group and Green Acorn to launch a Diram stablecoin made by tether. So I’m happy to say to you today that we are gonna do a Tether-Dirham stablecoin on Ton, and please stay tuned you know and follow us on the usual social media, and let’s, let’s do it guys.”

Tether Sees Rapid Adoption of USDT on TON Blockchain

In his talk at the Gateway event Giori went on to discuss the rapid adoption of USDT on the TON blockchain, highlighting that in six months, they had reached one billion USDT on the TON network.

According to Giori this makes it the fastest adoption in Tether’s history. He went on to say that Tether’s focus is mainly on the emerging markets regions such as Turkey, Argentina, and Brazil, where high inflation drives people to save in stablecoin currencies like USDT.

Tether reports the global market for stablecoins is currently valued at $150 billion, with USDT alone having a market cap of more than $115 billion, and projections see this industry’s potential growth to $2.8 trillion by 2028.

In an interview with CryptoNews, Paolo Ardoino the CEO of Tether said he remains confident USDT will maintain its dominance amid increasing competition from other stablecoins, especially due to the team’s deep understanding of usage and its focus on emerging markets.