At the recent TON Gateway event in Dubai, Tether‘s Senior Strategic Partnership Manager, Alessandro Giori, announced that the Dirham-backed USDT will soon be integrated into the TON protocol, marking a significant development for the cryptocurrency.
What Does This Partnership Mean for USDT?
The collaboration between Tether and the TON Network, first revealed earlier this year, has led to USDT’s expansion on a new platform. Giori highlighted the swift increase of over 1 billion circulating USDT on the TON network, showcasing its rapid adoption.
How is Tether Adapting to Regulatory Changes?
In the UAE’s growing Web3 ecosystem, Tether is positioning itself to cater to an influx of businesses relocating to the area. The favorable regulatory landscape in the UAE is attractive to crypto enterprises, especially as they navigate challenges with MiCA regulations in Europe.
Key insights from Tether’s recent developments include:
- 160,000 daily USDT transactions on the TON network.
- 7.6 million active wallets using USDT.
- 100 Web3 organizations have adopted USDT on TON.
- Plans to replicate USDT’s success with a new Dirham stablecoin.
Additionally, Giori noted a new partnership with Fireblocks, allowing assets connected to their platform to utilize USDT, thereby enhancing operational capabilities.
Tether has consistently proved its robustness in the cryptocurrency market, particularly after the Evergrande collapse, and has demonstrated its liquidity through audits confirming full backing for USDT. Following a recent attestation report, Tether’s profit surged to $7.7 billion over nine months, reinforcing its market dominance with a supply exceeding $120 billion. This strategic expansion in Dubai positions Tether favorably for future growth amid increasing competition in the stablecoin market.
