Tether Launches Dirham-Backed Stablecoin on TON Blockchain
Date: 2024-11-04 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
As part of this initiative, Tether will issue a new dirham-backed stablecoin on the TON blockchain platform to facilitate everyday transactions, remittances, and savings in these countries.
USDT Features and Controversies
Tether, which issues USDT, is a cryptocurrency known as a stablecoin. This type of digital currency is pegged to the US dollar, meaning that each unit of USDT must have an equivalent amount of dollars held in reserve by Tether. The dollar peg makes USDT a popular hedging and settlement medium on cryptocurrency exchanges.
Despite its popularity, however, Tether remains a source of controversy in the cryptocurrency community. Questions have been raised periodically about whether Tether actually has enough dollar reserves to back all the USDT in circulation. While the company insists that its reserves are sufficient, the details remain opaque, raising doubts among some market participants. However, due to its widespread use and demand, Tether plays a significant role in the global crypto ecosystem.
