Stablecoin issuer Tether is set to introduce its USDT backed by the U.S. dollar and XAUT backed by gold on The Open Network (TON) blockchain, with a notable increase of 15.56%.

The launch of USDT on TON is scheduled for April 20, followed by XAUT in the subsequent months, as confirmed by Tether CEO Paolo Ardoino to The Block. While USDT is currently accessible on numerous blockchains, TON will be the second blockchain supporting XAUT after Ethereum, Ardoino highlighted.

According to Ardoino, the integration of USDT and XAUT on TON will enable seamless value transfers, fostering enhanced activity and liquidity, and providing users with a financial experience akin to traditional financial systems.

By extending support to decentralized applications across various sectors such as payments and gaming, Tether aims to broaden the reach of USDT and XAUT on the TON blockchain.

Tether’s expansion on TON coincides with the increasing prominence of the Layer 1 blockchain. Telegram, in February, disclosed plans to distribute advertisement revenue to channel owners and offer rewards in Toncoin, TON’s native cryptocurrency. Toncoin has surged to become the ninth largest cryptocurrency, boasting a market capitalization of $24.4 billion, as reported by The Block’s Toncoin Price Page.

Ardoino expressed optimism about the synergies between Telegram’s vast ecosystem with 900 million monthly active users and Tether’s extensive user base exceeding 300 million globally, foreseeing mutual empowerment between the two platforms.

As Tether’s USDT circulating supply surpasses 109 billion, including authorized but unissued tokens, the total supply has exceeded 114 billion, as indicated on The Block’s Data Dashboard. In contrast, XAUT, a smaller stablecoin, currently has a total supply exceeding 246,000.

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