Tether will launch its yet-to-be-deployed AED-pegged token on TON.
The largest stablecoin issuer, Tether, will launch its dirham-pegged stablecoin for the first time, deploying it on The Open Network (TON), the Telegram-developed blockchain. The news came courtesy of the TON Gateway event in Dubai, in which Tether senior strategic partnership manager Alessandro Giori stated that TON would be the first network for the new stablecoin to launch.
Tether announced its stablecoin pegged to the United Arab Emirates (UAE) dirham (AED) in August, stating it would collaborate with two businesses in the region to bring this to fruition. Those businesses, Phoenix Group and Green Acorn Investments, will help custody and issue the tokens in the UAE.
Tether wants to tap into the demand witnessed by the AED in global remittances and settlements and bring the blockchain’s benefits to help engender faster and cheaper cross-border transactions. The token will be fully backed by AED reserves, and Tether is in the process of receiving approval from the Central Bank of the UAE. This dirham-pegged stablecoin would probably go live on TON as soon as the central bank gives the go-ahead to Tether.
USDT Made Waves on TON
The stablecoin issuer has already experimented with TON’s infrastructure. It deployed the widely used USDT token on the blockchain in April and saw impressive results, including TON becoming the fastest network to ever have 1 billion USDT in circulation. This occurred within six months of Tether bringing USDT to TON. That integration was first announced months ago at Token2049 Dubai, in which Tether CEO Paulo Ardoino, Telegram CEO Pavel Durov, and The Open Platform CEO Andrew Rogozov broke the news together.
The talks about the achievement of the integration came at the recent TON Gateway. TON witnesses 160,000 USDT transactions daily, with 7.6 million wallets using the stablecoin. Furthermore, Giori mentioned over 100 platforms integrating USDT on TON to their offerings.
The Tether executive also broke the news of Fireblocks, one of the biggest crypto custodians, integrating USDT on TON into its ecosystem recently. This marks a great victory, as some of the biggest enterprises and institutions rely on the custodian, and the integration will provide them direct access to USDT on TON. “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 stated at TON Gateway.
