As a seasoned crypto investor with over a decade of experience in this dynamic market, I find the recent expansion of Tether Holdings Ltd on the TON Network and the Middle East to be a strategic move that could potentially yield significant returns.
Tether Holdings Ltd, a leading company in stablecoins, is broadening its influence on the TON Network and the Middle East region. During the TON Gateway event held in Dubai, it was announced that Tether’s Senior Strategic Partnership Manager, Alessandro Giori, confirmed the launch of a Dirham-backed version of USDT (Tether) on this network.
USDT on TON: The Catch
Earlier this year, both parties – the stablecoin issuer and the Ton Network – embarked on a partnership. According to a previous report by Coingape, Tether started offering USDT on the TON network in April, marking a new milestone for the stablecoin.
Just as anticipated, the stablecoin has experienced significant growth ever since its launch on TON. Notably, USDT saw its most rapid expansion on TON when it surpassed the 1 billion circulation mark, a milestone Giori highlighted. Now, Tether aims to replicate that growth with its Arab Emirati Dirham Stablecoin.
The advantage lies in the fact that the United Arab Emirates is expanding its impact within the wider Web3 environment. As an increasing number of businesses are relocating to this area, Tether aims to maintain its leadership by catering to companies operating in the region. Given the company’s struggles with MiCA regulation compliance in the European Union, it is crucial for them to establish a stronghold in this region.
Giori confirmed that an impressive 160,000 transactions in USDT are processed daily on the TON network. As per the latest statistics, approximately 7.6 million wallets are currently using USDT on the TON Network. Since its introduction, a total of 100 Web3 entities have embraced USDT on TON. The company led by Paolo Ardoino aims to broaden this usage across the board in the future.
Beyond announcing the addition of USDT on the TON blockchain, Giori additionally unveiled the collaboration with Fireblocks. Since Fireblocks caters to institutional adoptions, institutions associated with Fireblocks can now also utilize USDT for their operational purposes.
Survival The FUD – Tether Profitability
Tether consistently confronts apprehensions, uncertainties, and doubts (FUD), particularly about its Proof of Reserves. Despite this, the company repeatedly emphasizes that it is fully secured by U.S. Treasury bonds and various liquid assets.
On October 31st, the prominent stablecoin company unveiled its auditor’s statement, which showcased a lucrative third quarter performance. According to the report, the organization boosted its year-to-date profits to an impressive $7.7 billion.
Currently, USDT holds a significant market position, boasting a circulating supply exceeding 120 billion units. Given its profitability, Ripple Labs is actively working towards joining the stablecoin market, as they continue to test their RLUSD stablecoin.
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2024-11-01 22:17