Tether (USDT) Expands to TON Blockchain, Issuing $60M USDT and Tether Gold

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

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

The announcement, made during the Token2049 event in Dubai, positions TON as the 11th largest blockchain among the 16 supporting Tether.

TLDR

  • Tether has introduced $60 million USDT on The Open Network (TON) blockchain, elevating TON to the 11th spot among Tether-supported blockchains.
  • The partnership with TON enables Telegram’s 900 million users to conduct instant and free transfers via direct messages.
  • Tether has also unveiled Tether Gold (XAUT), a gold-pegged stablecoin, on the TON network.
  • While Tether has expanded to TON, the majority of its supply remains on the Tron, Ethereum, and Solana networks.
  • This move is geared towards enhancing peer-to-peer payments and supporting the flourishing TON ecosystem, allowing users to utilize stablecoins in DeFi applications.

The collaboration between Tether and the TON Foundation aims to streamline peer-to-peer payments for Telegram’s vast user base of 900 million.

By integrating USDT on TON, users can now seamlessly send transfers instantly through direct messages on the messaging platform, eliminating the necessity for a blockchain address or a separate application.

Moreover, Tether has introduced Tether Gold (XAUT) on the TON network, offering users a financial experience akin to traditional financial systems, combining stability with blockchain advantages.

Already 35M USDt issued on TON.

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

Despite the recent issuance on TON, the bulk of Tether’s \(109.8 billion circulating supply remains on other networks, with Tron holding \)57.8 billion USDT, followed by Ethereum with $51 billion.

Solana stands as the third-largest network supporting Tether, with $1.9 billion issued. The diversification across various blockchains aims to mitigate high network fees on Ethereum.

The extension of USDT and XAUT on TON is anticipated to bolster the rapidly expanding TON ecosystem, enabling users to engage with stablecoins in decentralized finance (DeFi) applications, thereby enhancing network activity and liquidity.

The TON ecosystem has witnessed substantial growth, with incentives for Telegram user onboarding resulting in a surge of monthly active addresses from under 100,000 to over 1.7 million within six months.

Tether CEO Paolo Ardoino stressed the significance of this partnership, underscoring its role in advancing the company’s mission of empowering open financial infrastructure throughout the blockchain sphere.

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

To drive TON adoption, trading fees within the Ton Space ecosystem have been significantly reduced.

Ramp Network, a fintech firm bridging crypto with traditional banking channels, has revealed plans to facilitate USDT purchases and withdrawals on TON, commencing with fiat currency on-ramping and later incorporating off-ramp capabilities.

With 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 transforming cross-border value transfers.

The post Tether (USDT) Expands to TON Blockchain: Issuing $60 Million USDT & Tether Gold appeared first on Blockonomi.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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