Tether is set to launch a Dirham-pegged stablecoin on the TON Blockchain, as announced by Alessandro Giori, Tether’s Senior Strategic Partnership Manager, during the Gateway 2024 event in Dubai.
Giori shared the exciting news, stating:
“We announced a joint venture with Phoenix Group and Green Acorn to launch a Dirham stablecoin made by Tether. So I’m happy to say today that we are going to do a Tether-Dirham stablecoin on TON, and please stay tuned to follow us on the usual social media. Let’s do it, guys!”
Rapid Adoption of USDT on the TON Blockchain
During his address at the Gateway event, Giori highlighted the impressive uptake of USDT on the TON blockchain, reporting that the network reached a milestone of one billion USDT within just six months. This rapid growth marks the fastest adoption rate in Tether’s history.
Giori emphasized Tether’s strategic focus on emerging markets such as Turkey, Argentina, and Brazil, where high inflation motivates individuals to save in stablecoin currencies like USDT.
According to Tether, the global market for stablecoins is currently valued at approximately $150 billion, with USDT alone boasting a market cap exceeding $115 billion. Industry projections indicate that the stablecoin market could expand to $2.8 trillion by 2028.
In a recent interview with CryptoNews, Tether CEO Paolo Ardoino expressed confidence in USDT’s ability to maintain its market dominance despite growing competition from other stablecoins. He attributed this confidence to Tether’s deep understanding of market usage and its focused approach towards emerging economies.