Tether Gold and $60M USDT Issued on TON Blockchain

17 views 3:12 pm 0 Comments May 15, 2024

Tether, the entity behind the largest stablecoin globally, USDT, has broadened its scope by releasing $60 million worth of USDT on The Open Network (TON) blockchain.

This development, disclosed at the Token2049 conference in Dubai, positions TON as the 11th most substantial blockchain among the 16 supporting Tether.

TLDR

  • The issuance of $60 million USDT on The Open Network (TON) blockchain elevates TON to the 11th spot among Tether-supported blockchains.
  • Through the collaboration with TON, Telegram’s user base of 900 million can seamlessly and instantly conduct transfers via direct messages.
  • Tether has also introduced its gold-pegged stablecoin, Tether Gold (XAUT), on the TON network.
  • Despite the recent issuance on TON, a significant portion of Tether’s supply remains distributed across the Tron, Ethereum, and Solana networks.
  • The primary objective is to enhance peer-to-peer transactions and contribute to the flourishing TON ecosystem, enabling users to leverage stablecoins in decentralized finance (DeFi) applications.

The partnership between Tether and the TON Foundation is designed to streamline peer-to-peer transactions among Telegram’s extensive user base of 900 million individuals.

By integrating USDT on TON, users now have the capability to instantly and freely transfer funds through direct messages on the messaging platform, eliminating the necessity for a blockchain address or a separate application.

Furthermore, Tether has unveiled its gold-pegged stablecoin, Tether Gold (XAUT), on the TON network. This expansion is set to offer users a financial environment akin to traditional finance, combining stability with the advantages of blockchain technology.

Already 35M USDt issued on TON.

Great start!

— Paolo Ardoino ???? (@paoloardoino) April 21, 2024

Despite the recent USDT issuance on TON, the majority of Tether’s circulating supply of \(109.8 billion remains situated on alternative networks. The Tron network holds the largest share at \)57.8 billion USDT, followed by Ethereum with $51 billion.

Solana stands as the third most substantial network supporting Tether, with $1.9 billion issued. Tether’s diversification across multiple blockchains is a strategic move to mitigate the high network fees associated with Ethereum.

The decision to expand USDT and XAUT on TON is anticipated to bolster the rapidly expanding TON ecosystem. Users will have the opportunity to utilize stablecoins within decentralized finance (DeFi) applications, thereby enhancing activity and liquidity within the network.

The TON ecosystem has recently experienced notable growth, with incentives for onboarding Telegram users leading to a surge in monthly active addresses from under 100,000 to over 1.7 million within a mere six months.

Tether’s CEO, Paolo Ardoino, has underscored the significance of this collaboration, citing its contribution to the company’s mission of empowering open financial infrastructure across the blockchain landscape.

The launch of USDT and XAUT on TON is poised to facilitate seamless value transfer, driving increased activity and liquidity while delivering users a financial experience on par with traditional financial systems.

In a bid to further incentivize TON adoption, trading fees within the Ton Space ecosystem have been substantially reduced.

Fintech firm Ramp Network, specializing in connecting crypto with conventional banking channels, has declared its intention to enable the purchase and withdrawal of USDT on TON, commencing with fiat currency on-ramping and subsequently incorporating off-ramp capabilities.

Given the potential to tap into Telegram’s extensive user base, this collaboration could play a pivotal role in propelling the widespread acceptance of digital assets and revolutionizing cross-border value transfers.