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    Tether to Introduce UAE Dirham-Backed Stablecoin on The Open Network in Collaboration with Phoenix Group and Green Acorn Investments

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    Tether is set to launch a stablecoin backed by the United Arab Emirates’ dirham by partnering with Phoenix Group and Green Acorn Investments. The new stablecoin will function on The Open Network (TON) blockchain. The USDT stablecoin, which Tether previously put on TON, reached 1 billion in six months with more than 160,000 daily transactions. UAE’s new stablecoin licensing system led to the plan, and a local provider, AED Stablecoin, could soon receive full approval for a regulated dirham-pegged coin.

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    Tether, a stablecoin provider, has revealed that it will soon launch its new stablecoin that’s backed by the UAE’s local currency, the dirham, on The Open Network (TON) blockchain. This was announced by Tether’s senior strategic partnership manager, Alessandro Giori, at an event in Dubai.

    Tether is partnering with the UAE’s Phoenix Group and Green Acorn Investments to create a digital version of the UAE dirham, fully backed by UAE-based reserves. What’s cool about this new coin is that each dirham-pegged token will be linked to the actual value of the AED, so its value should remain pretty steady.

    Remember back in April when Tether revealed that its USDT would be going live on the TON blockchain? Well, the move was a big success, as Giori revealed that it took only six months for USDT on the TON blockchain to hit 1 billion. He also mentioned that there are over 160,000 USDT transactions on TON every day and 7.6 million wallets using USDT on the TON blockchain. Plus, over 100 crypto platforms have now added USDT based on the TON blockchain to their offerings.

    Even cooler, users will soon be able to access USDT on TON via the digital asset platform Fireblocks. So, more businesses and individuals can start using USDT on TON.

    All these happenings come after the UAE gave the green light to stablecoins by outlining a licensing system. This move will help provide clear guidelines on the creation, licensing, and management of dirham-backed tokens.

    A UAE-based stablecoin provider named AED Stablecoin even got preliminary approval from the UAE’s central bank recently. If they get full approval, we could soon have a regulated dirham-pegged stablecoin in the UAE. Exciting times, right?

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