Crypto News

Tether Launches Dirham-Pegged Stablecoin

Tether stablecoin pegged to the UAE dirham will launch on The Open Network (TON) blockchain.

Justin

02 Nov 2024 — 1 min read

At the TON Gateway event in Dubai, Tether’s Senior Strategic Partnership Manager, Alessandro Giori, announced the plans to launch a dirham-pegged stablecoin on the TON blockchain.

In August, Tether formed a partnership with UAE-based Phoenix Group and Green Acorn Investments to create this dirham-backed stablecoin, which will be fully supported by liquid reserves held in the UAE.

This initiative aligns with the recent regulatory framework established by UAE authorities on June 3 for overseeing and licensing dirham-pegged stablecoins.

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