New Stablecoin Tied to Dirham Set to Launch on TON Blockchain

The Open Network (TON) blockchain is gearing up for an exciting development with the launch of a new stablecoin tied to the UAE dirham, thanks to a collaboration with Tether.

During the recent TON Summit in Dubai, Alessandro Giori from Tether highlighted TON’s rapid adoption, reaching 1 billion USDT swiftly since its debut. This achievement underscores the platform’s efficiency and potential.

In a groundbreaking move, Tether has teamed up with the UAE’s Phoenix Group and Green Acorn Investments to introduce this dirham-backed digital asset. Scheduled for release on the TON blockchain, this new stablecoin is designed to be fully backed by liquid reserves in the UAE, ensuring stability and trust.

Giori stated that every token would be securely anchored to the value of the AED, providing users with confidence in its consistent value. This initiative marks a significant milestone in the digital currency landscape, paving the way for further integration of blockchain technology in the region.

Sentiment: Positive