Tether to Release Dirham-backed Stablecoin on TON Network

Tether is planning to launch a dirham-pegged stablecoin on The Open Network (TON) blockchain.

During the TON Gateway event held in Dubai, Alessandro Giori, Tether’s senior strategic partnership manager, announced earlier this year that a dirham-backed stablecoin would be launched on the TON blockchain. 

The United Arab Emirates (UAE) is set to authorize a license for this dirham-backed stablecoin. The anticipation around this stablecoin has been highlighted by two key events. On June 3rd, 2024, UAE leaders established legislation governing the dirham-backed stablecoin. Following this, on October 18th, 2024, a UAE-based stablecoin issuer named AED stablecoin received in-principle authorization from the UAE's central bank. Once the company receives full approval, it will be able to establish a regulated dirham-pegged stablecoin in the UAE.