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At the TON Gateway event in Dubai, Alessandro Giori, Senior Strategic Partnership Manager of Tether, confirmed that the Dirham-backed USDT will be operational on the protocol.
Development of USDT on the TON Network
The partnership between Tether and the TON Network was announced earlier this year. In April, the expansion of USDT on TON established a new alternative network for the stablecoin. Giori praised the rapid achievement of over 1 billion circulating USDT on the TON network.
The United Arab Emirates is increasing its influence in the expanding Web3 ecosystem. With many businesses relocating to the region, Tether aims to maintain its dominance by serving these firms. The clear regulatory environment offered by the UAE is precisely what crypto companies seek, especially amid challenges related to MiCA regulations in the European Union.
Giori stated that there are currently 160,000 daily USDT transactions on TON, with 7.6 million wallets utilizing USDT. Following the integration, a total of 100 Web3 organizations have adopted USDT on TON. The company, led by Paolo Ardoino, hopes to replicate this success with its new Dirham stablecoin.
“We aim to replicate USDT’s success on the TON Network with the Dirham Stablecoin,” – Alessandro Giori.
In addition to the integration of USDT on the TON network, Giori also announced collaboration with Fireblocks. Assets connected to Fireblocks can now use USDT to strengthen their operations.
Tether’s Resilience in the Market
For years, Tether has been a significant player in the largest FUD incidents in the crypto markets. However, following news of the Evergrande collapse, circumstances shifted. Furthermore, the company has demonstrated through audits that it can cover all redemptions with Proof of Reserves. Tether has significantly distanced itself from fear and uncertainty by ensuring USDT is fully backed by US Treasury and other liquid assets.
On October 31, Tether published an attestation report showing its third-quarter profit. According to the report, the company’s profit rose to $7.7 billion in the first nine months of the year.
Currently, USDT dominates the market with a circulating supply of over $120 billion. Given this profitability, Ripple 
$2 Labs is testing its existing RLUSD stablecoin to enter the stablecoin scene.
Tether’s expansion in the TON Network and the Middle East signifies a strong position for the stablecoin in the global market. Regional growth strategies and corporate integrations could contribute to the company’s future expansion.
