Tether's Dirham-Pegged Stablecoin Launch Boosts Toncoin Price, Showcasing Growing Confidence in TON Ecosystem

The price of Toncoin has soared recently, a show of growing confidence in The Open Network (TON) ecosystem. This latest uptick in TON price comes after

The price of Toncoin has risen lately, reflecting growing confidence in The Open Network (TON) ecosystem. This latest surge in TON price follows an announcement by Tether at the TON Gateway Event in Dubai regarding its plans to launch a Dirham-pegged stablecoin on the network.

Alessandro Giori, Tether’s Senior Strategic Partnership Manager, revealed this news. He confirmed ongoing collaborations with the UAE’s Phoenix Group and Green Acorn Investments on the Dirham stablecoin.

Tether's Dirham-Pegged Stablecoin: A Key Addition

Having introduced the広く知られているUSDT stablecoin, Tether now introduces a new stablecoin pegged to the UAE Dirham, catering to the rising demand for stable digital assets pegged to local currencies.

This Dirham-pegged stablecoin will benefit investors in the UAE and neighboring regions who prefer to conduct crypto transactions using AED, creating a seamless bridge between traditional and digital finance.

While using the stablecoin, users can also transfer money in a familiar currency and enjoy the advantages of blockchain technology, such as faster transaction speeds and lower costs.

In the meantime, Tether has pledged to maintain an auditable reserve for each Dirham-pegged USDT in its reserve.

Boost for International Trade and Remittances

The dirham-pegged stablecoin could play a vital role in international trade and remittances, facilitating cross-border transactions. Notably, Tether met all the requirements for stability, providing clear reserve information to showcase that the stablecoin is fully backed.

As a result, individuals and large companies can use the stablecoin to conduct international business. Tether CEO Paolo Ardoino highlighted the significance of this launch and the thriving UAE economy.

Stating that the stablecoin pegged to the dirham is a welcome addition to the others provided by Tether, he added that the launch of the dirham-backed stablecoin aligns with the UAE’s continued push towards cryptocurrency.

Speaking about the partnership, Phoenix Group Co-Founder Seyed Mohammed Alizadehfard said the company will provide innovative financial services and strengthen the UAE’s position as a leading player in the global cryptocurrency market.

Toncoin Price, Ecosystem Updates, and Trends

This announcement has impacted the market positively, with Toncoin’s price in uptrend moves. At the time of writing, its price was pegged at $4.93, up by 2.36% in 24 hours. The trading volume is up by 11%, reaching $175 million, suggesting investors’ optimistic sentiment.

Amidst a crypto market rally, experts have forecasted a $100 price for TON by 2025, assuming continued network growth and adoption. This partnership between Tether, Phoenix Group, and Green Acorn Investments might attract more regional interest in the protocol.

Toncoin’s price surge in Q2 can be partly attributed to its deep ties with Telegram, which has allowed users to engage with TON services directly through their existing messaging app.

Toncoin airdrops featuring Hamster Kombat, Catizen, Rocky Rabbit, and WatBird, recently flooded the market. Demand for these protocols helped push TON into the top 10 most valuable currencies. Interestingly, IntoTheBlock's address stats show the network had 3.04 million addresses as of 29 October 2023.

Moreover, Toncoin partnered with Tether to enable smooth peer-to-peer payments using USDT across borders. This collaboration enhanced Toncoin’s liquidity, further increasing its adoption among users.

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