The team has witnessed a swift uptake of USDT on the TON blockchain, according to Alessandro Giori, senior partnership manager at Tether.
TON branded car outside the Gateway 2024 conference in Dubai.
Tether is launching its Dirham-pegged stablecoin on TON Blockchain, according to Alessandro Giori, senior strategic partnership manager at Tether.
Speaking at the Gateway 2024 event taking place in Dubai, Giori said:
“We announced a joint venture with Phoenix Group and Green Acorn to launch a Diram stablecoin made by tether. So I’m happy to say to you today that we are gonna do a Tether-Dirham stablecoin on Ton, and please stay tuned you know and follow us on the usual social media, and let’s, let’s do it guys.”
Tether Sees Rapid Adoption of USDT on TON Blockchain
Giori continued to talk about the quick uptake of USDT on the TON blockchain during his presentation at the Gateway event, emphasizing that they had reached one billion USDT on the TON network in just six months.
This makes it the fastest adoption in Tether’s history, according to Giori. Tether’s primary focus, he continued, is on emerging markets like Brazil, Argentina, and Turkey, where high inflation encourages people to save in stablecoin currencies like USDT.
According to Tether, the stablecoin market is currently worth $150 billion globally, with USDT alone holding a market capitalization of over $115 billion. By 2028, it is expected to have grown to a potential value of $2.8 trillion.
In an interview with CryptoNews, Tether CEO Paolo Ardoino expressed his confidence that USDT will continue to dominate despite growing competition from other stablecoins, citing the team’s in-depth knowledge of usage and emphasis on emerging markets as key factors.