Last updated:
April 22, 2024 01:04 EDT
| 1 min read
Tether, the primary stablecoin issuer globally, has swiftly commenced operations on The Open Network (TON), issuing $60 million worth of USDT since integrating with the blockchain on April 19th. This development positions TON as the 11th blockchain supporting Tether, thereby broadening its accessibility and presenting fresh alternatives for users.
The partnership between the two entities, unveiled at the Token2049 conference in Dubai, also marked the introduction of Tether Gold (XAUT) on TON. This stablecoin, pegged to gold, offers users additional avenues for diversification.
CEO of Tether, Paolo Ardoino, conveyed his optimism regarding the collaboration, hailing it as a “promising start” with an initial issuance of $35 million.
A total of 35 million USDt has already been issued on TON.
An auspicious beginning!
— Paolo Ardoino 🍐 (@paoloardoino) April 21, 2024
The Tether Transparency report validates that the issuance has surged to $60 million within a mere two days.
The integration holds significant implications for Telegram users. Tether’s integration with TON facilitates instantaneous and fee-free cross-border transactions among all platform users. This integration streamlines the process of sending payments without necessitating a blockchain address or the download of separate applications. Telegram has indicated that transferring funds will be as straightforward as sending a direct message.
Seamless Integration of Tether and TON with Fiat Currencies
Tether on TON also promises seamless integration with fiat currencies. Users can anticipate effortless conversion from a wide range of global currencies at launch, with plans for off-ramping functionalities in the near future. This feature will enable users to convert their Tether back to fiat and directly withdraw it to their bank accounts or cards.
Despite being a recent addition, Tether continues to maintain a dominant presence on the Tron network, with holdings exceeding \(57.8 billion worth of USDT. Ethereum, once the frontrunner, currently retains \)51 billion, showcasing a gradual transition as Tether endeavors to circumvent Ethereum’s exorbitant network fees. Solana emerges as the third-largest host of Tether with $1.9 billion.
Tether presently commands a remarkable 69% share of the entire stablecoin market, valued at approximately \(159.5 billion according to CoinGecko. Its closest rival, Circle’s USD Coin (USDC), captures a 21% share with \)33.7 billion in circulation.
Following the Tether announcement, TON’s price initially surged by 22%, only to subsequently revert to prior levels. As of the latest update, Toncoin is experiencing a 1.1% decline, trading at $6.15.