TON Blockchain Sees 17% Surge Following $10m USDT Minting by Tether

16 views 2:14 pm 0 Comments May 16, 2024

Tether has purportedly generated $10 million in its largest stablecoin by market value on the TON blockchain, suggesting a potential expansion.

According to Tether Holdings Ltd.’s transparency report, the issuance of $10 million in USDT, the world’s foremost stablecoin, has been recorded on the TON blockchain. Despite this development, Tether has not made a public statement on the subject at the time of reporting.

TON jumps 17% as Tether mints $10m in USDT on TON blockchain - 1Tether’s transparency report | Source: Tether

Following this recent initiative, USDT is now supported on 16 networks, including Solana, TRON, and Avalanche, among others. Concurrently, TON’s native token, Toncoin, experienced a notable surge of over 17%, reaching $7.15, based on data from CoinMarketCap.

This strategic move follows Tether’s announcement of restructuring plans aimed at diversifying beyond the realm of stablecoins. In an announcement on Apr. 18, the company outlined intentions to reorganize into four divisions and introduced a new vision for expansion encompassing areas beyond stablecoin operations.

This story is evolving. Stay updated for further details on Tether’s integration of USDT on the TON blockchain.

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