Tether has strategically broadened its range of stablecoin offerings to The Open Network (TON), a blockchain platform initially developed by Telegram.

This incorporation introduces Tether’s USDT, with a market cap of $108 billion, and XAUT, a stablecoin backed by gold, into TON’s ecosystem.

Tether’s Transparency Page Reveals Ton Network

Although the official announcement of this development is pending, Tether’s transparency page indicates a total authorized amount of $10 million on the TON blockchain.

TON functions as an autonomous layer-1 blockchain subsequent to Telegram’s exit due to regulatory constraints. Nevertheless, TON has exhibited notable growth. Tonstat data underscores this surge, observing a rise in monthly active addresses from under 100,000 to over 1.7 million in just six months.

Explore more: Top 9 Crypto Wallets for Safeguarding Tether (USDT)

[embedded content]

The decision to host Tether’s stablecoins on TON aligns with Telegram’s recent operational adjustments. Particularly, Telegram has embraced TON’s native cryptocurrency, Toncoin, replacing euros for advertising payments.

“Anyone can now promote their bot or channel – with budgets as low as a handful of Toncoins. When creating a Telegram ad, you choose the exact channels where you’d like it to appear, so you have full control over their context,” explained Telegram.

Stablecoins like USDT and XAUT play a crucial role in the market by mitigating the usual volatility associated with digital currencies. By pegging to stable assets like the US dollar and gold, these coins serve as a “safe harbor” amidst market fluctuations, making them an indispensable component of traders’ and investors’ portfolios.

Disclaimer

In line with the Trust Project guidelines, BeInCrypto is dedicated to impartial, transparent reporting. This news article aims to deliver accurate and timely information. However, readers are encouraged to verify facts independently and seek professional advice before making decisions based on this content. Please be aware that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Harsh Notariya specializes in providing SEO-optimized crypto news within strict timelines. Previously, in roles such as Growth Marketer at Sporty and Community Consultant at Totality Corp, he significantly enhanced community engagement and followers. Harsh also created compelling content for renowned crypto influencer Shivam Chhuneja, incorporating meme references for an informative yet enjoyable experience. His diverse skills establish him as a prominent figure in crypto journalism.

READ FULL BIO

RELATED NEWS

5 hours ago

16 hours ago

2 days ago