Tether collaborates with UAE partners to introduce dirham-backed stablecoin
The new stablecoin will be backed by local UAE assets
Alessandro Giori, Senior Strategic Partnerships Manager at Tether, announced at the TON Gateway event in Dubai the upcoming launch of a dirham-pegged stablecoin on the TON blockchain.
For this purpose, Tether is partnering with UAE-based companies Phoenix Group and Green Acorn Investments, according to Cointelegraph.
The new stablecoin will be backed by local UAE assets, ensuring stability and security for users interested in using blockchain technology for transactions in UAE dirhams.
This move highlights Tether’s commitment to expanding its range of stablecoins beyond traditional US dollar support. The introduction of a dirham-backed stablecoin marks a key step in Tether's ambitions to serve the Middle Eastern market, where interest in blockchain and crypto-based financial solutions is growing rapidly. Giori emphasized that the dirham-based stablecoin will not only provide users with an additional digital currency option pegged to stable fiat but will also strengthen the UAE's digital currency infrastructure through local partnerships. This strategic direction aligns with the UAE’s vision to become a global hub for digital assets and blockchain technology.
The stablecoin will operate on the TON blockchain, a decentralized network aimed at supporting Web3 applications, offering users high scalability and security.
The partnership with Phoenix Group and Green Acorn Investments, two well-established UAE firms, is a strategic move to ensure the stablecoin is fully backed by local liquid assets. This approach aligns with recent trends in the digital asset industry, where regulatory oversight has increased demand for transparent, fully-backed stablecoins.
The introduction of a dirham-pegged stablecoin reflects a broader trend in stablecoin markets to diversify fiat backing options beyond the US dollar, providing global access to blockchain-based assets denominated in various currencies. The TON blockchain, known for its decentralized structure and ability to support large-scale applications, is expected to handle the new currency with robust security measures.
Earlier, it was reported that Tether, in collaboration with TRON and TRM Labs, is creating a unit dedicated to combating financial crimes. This initiative also underscores Tether’s commitment to high-security standards.
