Recap of the Story
- Tether has extended its support for USDT on the TON blockchain.
- The official announcement regarding this collaboration will be made by Telegram CEO Pavel Durov and Tether CEO Paolo Ardoino during TOKEN2049.
- The TON price has surged by over 15% in anticipation of this significant revelation.
Tether, a leading stablecoin provider, recently broadened its backing for the USDT stablecoin on the TON network. This development was disclosed by sources familiar with the situation. Furthermore, during the TOKEN2049 event, Telegram CEO and Tether CEO jointly unveiled the integration of USDT on The Open Network (TON) blockchain.
Introduction of USDT on TON Network
The Tether official website now displays USDT compatibility with the TON blockchain. In addition to USDT, other stablecoins like EURT, CHNT, XAUT, and MXNT are also visible on Tether’s transparency page. Paolo Ardoino, the CEO of Tether, confirmed that USDT will be officially accessible on TON starting April 20.
TON’s transparency data reveals that the total authorized USDT stablecoins on the network amount to \(10 million. The initial issuance of \)3 million is categorized as “Authorized but not issued,” with a reported value of -$7,000,002.
TON recently emphasized the significance of this development, labeling it as “crypto’s first real-world, truly valuable use case.” The forthcoming official announcement by Telegram CEO Pavel Durov and Tether CEO Paolo Ardoino will delve into the details of this breakthrough, including partnerships and collaborations with other projects.
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Excited for the real-world application of cryptocurrencies? 🔥
⏳ Just 1 hour until @durov’s presentation…
Don’t miss the livestream! ⬇️https://t.co/LyTJd5xdDz
— TON 💎 (@ton_blockchain) April 19, 2024
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TON’s Anticipated Announcement
On April 18, TON teased a forthcoming major announcement in collaboration with Tether, sparking enthusiasm and conjecture within the crypto community.
An image shared by TON showcased logos of notable projects such as Tether, AMM protocol STON.fi, staking protocol Tonstakers, and sports and entertainment gaming project Fanzee Labs. This teaser has triggered discussions on potential partnerships with these projects in the near future, potentially boosting the project’s visibility.
In anticipation of the impending announcement by crypto leaders, the Toncoin price has surged by over 15% in the last 24 hours. The 24-hour trading range fluctuated between \(6.04 and \)7.18, with a notable 90% increase in trading volume, signifying heightened interest among traders.
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Varinder, an industry veteran with a decade of experience in the Fintech sector, including over 5 years dedicated to blockchain, crypto, and Web3 advancements. With a passion for technology and a penchant for analytical thinking, he has disseminated insights on disruptive technologies through numerous news articles and papers. At CoinGape Media, Varinder is leveraging his expertise to explore the immense potential of these groundbreaking technologies while staying abreast of the latest developments in the crypto sphere.
The content provided may contain the author’s personal opinions and is subject to market conditions. Prior to investing in cryptocurrencies, conduct thorough market research. The author and the publication bear no responsibility for individual financial losses.