At the TON Gateway event held in Dubai, Senior Strategic Partnerships Manager Tether Alessandro Giori announced that stablecoins pegged to the United Arab Emirates dirham will be launched on The Open Network (TON) blockchain.
Senior manager Tether Strategic Partnerships Alessandro Giori at TON Gateway event in Dubai
On the launch of a dirham-backed stablecoin, as well as a partnership with UAE-based Phoenix Group and Green Acorn Investments, a representative Tether announced back in August. A press release from the USDT issuer stated that each asset would be “pegged to the value of the dirham to provide stability and confidence in its value.”
The launch of a stablecoin pegged to the national currency of the UAE became possible after the country's authorities approved the rules for the issuance, licensing and regulation of this type of crypto asset on June 3, 2024.
While Tether only shares plans to launch a new stablecoin, in mid-October, local company AED Stablecoin already received in-principle approval from the UAE Central Bank to issue a dirham-pegged stablecoin, AE Coin. However, in order to issue it, the issuer must wait for full approval from the country's authorities.
