Tether Introduces US Dollar and Gold-backed Tokens on TON Blockchain

15 views 3:36 pm 0 Comments May 15, 2024
  • During the Token2049 event in Dubai, the CEOs of Tether and Telegram revealed the upcoming launch of USDT and XAUT tokens on the TON blockchain.
  • USDT represents the US Dollar-pegged Tether token, while XAUT is a Gold-backed digital token.
  • Through merchant purchases, individuals can sell items by instantly sending USDT to contacts without incurring fees.
  • This initiative is expected to enhance engagement and liquidity within the TON blockchain ecosystem.

Despite experiencing heavy rainfall in Dubai, reminiscent of conditions observed 75 years ago, Token 2049 continues to make headlines for its success as a prominent crypto event that gathers founders and executives from leading Web3 companies and projects.

Also Read: Tether and Circle Differ on Approaches to Addressing Global Stablecoin Regulations

Tether Token Launch on TON Blockchain

Tether has declared the introduction of two tokens, namely the US Dollar-pegged Tether token (USDT) and the Gold-backed digital token (AUXT) on The Open Network (TON). This announcement was made at the Token 2049 event in Dubai, with the presence of Paolo Ardoino, Pavel Durov, and Andrew Rogozov, the CEOs of Tether, Telegram, and The Open Platform, respectively.

These token deployments aim to facilitate:

  • Smooth value transfers
  • Enhanced activity and liquidity on the TON blockchain
  • Providing users with a traditional financial system experience

As a trailblazer in the stablecoin sector, this strategic move reinforces USDT’s position as the most widely embraced stablecoin. For instance, the ability for wallet users to instantly send USDT without fees enables seamless merchant transactions, allowing individuals to sell various items.

Telegram has revealed the incorporation of the TON blockchain to facilitate:

1. Revenue sharing from advertisements

2. Tipping for creators

3. Exciting merchant transactions enabling anyone to sell goods

4. Acquisition of usernames as NFTs

5. Tokenization of Emojis, a significant development! pic.twitter.com/L14Ek6lf8P

— Ran Neuner (@cryptomanran) April 19, 2024

The Toncoin (TON) price has shown no significant response to this announcement, largely influenced by the subdued market conditions as traders prepare for potential volatility surrounding the upcoming Bitcoin halving event.