Tether Introduces Dirham-Pegged Stablecoin on TON Network
Highlights
- Tether will launch its Dirham-based USDT on TON Network
- The stablecoin will also be integrated with Fireblocks
- This update comes amid profitable Year-to-Date business outlook for USDT
Stablecoin giant Tether Holdings Ltd is expanding its reach on the TON Network and the Middle East. As disclosed recently at the TON Gateway event in Dubai, Tether’s Senior Strategic Partnership Manager Alessandro Giori confirmed the Dirham-backed USDT will go live on the protocol.
USDT on TON: The Catch
Both the stablecoin issuer and the Ton Network initiated their partnership earlier this year. Per an earlier report by Coingape, Tether expanded the USDT on TON in April, setting a new territory for the stablecoin.
As predicted, the stablecoin has grown remarkably since its introduction on TON. As Giori pointed out, USDT grew fastest on TON when it cross the 1 billion circulation milestone. Tether is now looking to duplicate the same growth with its Dirham Stablecoin.
The benefit is many as the United Arab Emirates is growing its influence in the broader Web3 ecosystem. With many businesses now moving to the region, Tether hopes to retain its dominance in serving firms operating the region. With the firm’s woes in the European Union over MiCA regulation compliance, capturing this region is vital.
The traction remains well underway as Giori affirmed a total of 160,000 USDT transactions are conducted on TON daily. Per the firm’s current metrics, it now have 7.6 million wallets using USDT on TON Network. Since its integration, a total of 100 Web3 entities have adopted USDT on TON. The Paolo Ardoino led firm hopes to expand this reach overall.
In addition to the USDT inclusion on the TON blockchain, Giori also revealed the integration with Fireblocks. As an institutional adoption outfit, entities linked to Fireblocks may now also embrace USDT to power their operations.
Survival The FUD – Tether Profitability
Tether has continued to battle Fear, Uncertainty and Doubts (FUD) especially as it concerns its Proof of Reserves. While the firm has reiterated that it is fully backed by US Treasury and other liquid assets.
On October 31, the stablecoin giant released its attestation report and revealed a profitable third quarter showing. Per the report, the firm has increased its profit for the first 9 months of the year to $7.7 billion.
At the moment, USDT dominates the market with a circulating supply of over 120 billion. Considering how lucrative it is, Ripple Labs is making efforts to enter the stablecoin scene with the ongoing testing of its RLUSD stablecoin.
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