At Dubai’s recent TON Gateway event, Tether revealed plans to launch a stablecoin pegged to the UAE Dirham (AED) on the TON blockchain. Announced by Alessandro Giori, Tether’s Senior Strategic Partnership Manager, this move aligns with the company’s expansion into the Middle East, where it aims to offer a reliable, local digital currency.
The AED-pegged stablecoin will provide a secure, accessible option for digital transactions in the region, contributing to the growing digital finance ecosystem. By leveraging the TON blockchain, known for its high scalability, efficiency, and strong community support via Telegram, Tether seeks to enhance financial accessibility and trust in digital currency across the UAE.
Tether previously introduced a US dollar-pegged stablecoin on the TON blockchain, and this new addition reinforces its strategy to diversify stablecoin offerings based on varying fiat currencies. By targeting different regional needs, Tether is positioning itself as a versatile provider of digital liquidity in the cryptocurrency market.
As the leading stablecoin issuer, Tether dominates the market, often representing between 60% and 70% of total stablecoin market capitalization. Its well-established reputation, broad use across trading pairs, and asset-backed reserves underscore its importance in facilitating seamless transactions and providing liquidity in the crypto ecosystem.
The UAE, known for its progressive approach to digital assets, has positioned itself as a global leader in blockchain and cryptocurrency innovation. The nation’s regulatory landscape supports this growth, with initiatives such as the Dubai Multi Commodities Centre (DMCC) Crypto Centre, which nurtures crypto businesses, and the Abu Dhabi Global Market (ADGM), which has its own regulatory framework for digital assets.
In addition, the UAE’s Central Bank is actively exploring the possibilities of a central bank digital currency (CBDC) and has introduced regulatory guidelines for cryptocurrencies. Various blockchain conferences hosted in the UAE attract global talent and investment, further cementing its reputation as a digital innovation hub.
The AED-pegged stablecoin from Tether is set to align with the UAE’s vision for a robust digital economy, offering a streamlined and secure solution to meet the region’s demand for reliable digital finance options.
