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 Tether announced its plans to launch a Dirham-pegged stablecoin on the network. Tether shared this plan at the TON Gateway Event in Dubai.
Alessandro Giori, Tether’s senior strategic partnership manager, shared the scoop. He confirmed ongoing plans with the UAE’s Phoenix Group and Green Acorn Investments on the Dirham stablecoin.
The Tether Dirham-Pegged Stablecoin: A Game Changer
Tether, known for its USDT stablecoin, now offers a new stablecoin tied to the UAE Dirham. This change responds to the rising demand for stable digital assets linked to local currencies.
– Advertisement –
The Dirham-pegged stablecoin will help investors in the UAE and nearby regions who want to use AED for crypto transactions. It creates a stable connection between traditional and digital finance.
With the stablecoin, users can also transfer money in a familiar currency while enjoying the advantages of blockchain. Some of these advantages include speed and lower costs.
Meanwhile, Tether has promised to maintain an auditable reserve for each Dirham-pegged USDT in its reserve.
Benefit for International Trade and Remittances
The dirham-pegged stablecoin might play a key role in international trade and remittances, making cross-border transactions easier. Notably, Tether met all the requirements for stability, providing clear reserve information to show that the stablecoin is fully backed.
As such, individuals and large companies can use the stablecoin to conduct international business. Tether CEO Paolo Ardoino stressed the significance of this launch and highlighted the booming UAE economy.
He stated that stablecoin tied to the dirham is a welcome addition to the others provided by Tether. Also, 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 Upgrades and Trends
The announcement has impacted the market positively, with Toncoin’s price in uptrend moves. As of writing, its price was pegged at $4.93, up 2.36% in 24 hours. The trading volume is up 11% to $175 million, suggesting investors’ optimistic sentiment.
Amidst a crypto market rally, experts have forecasted a $100 price for TON by 2025. This prediction assumes continued network growth and adoption. This partnership between Tether, Phoenix Group, and Green Acorn Investments might attract more regional interest in the protocol.
The surge in Toncoin’s price in Q2 partly hinges on its deep ties with Telegram. This link has made it easier for 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. Intriguingly, address stats from IntoTheBlock revealed that the network had 3.04 million addresses as of 29 October 2023.
Furthermore, 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.
