Tether, the world’s leading stablecoin issuer, has recently integrated with The Open Network (TON) and has wasted no time in making an impact. Since the integration on April 19th, Tether has issued an impressive $60 million worth of USDT on TON, marking this blockchain as the 11th host for Tether. This move not only expands Tether’s reach but also provides users with new options and opportunities within the blockchain ecosystem.
The collaboration between Tether and TON was officially announced at the Token2049 conference in Dubai. In addition to the USDT integration, Tether also launched Tether Gold (XAUT) on the TON platform. This gold-pegged stablecoin offers users additional diversification options within their portfolios. Tether CEO Paolo Ardoino expressed confidence in the partnership, referring to it as a “great start” with an initial issuance of $35 million. The rapid growth to $60 million within just two days showcases the potential of this new collaboration.
Implications for Telegram Users
The integration of Tether on TON has significant implications for Telegram users, as it enables instant and free cross-border payments between all platform users. Sending money through Tether on TON is as easy as sending a direct message, eliminating the need for blockchain addresses or separate apps. This seamless integration also extends to fiat currencies, allowing users to easily convert Tether to and from various global currencies. Off-ramping functionalities are also in the works, enabling users to withdraw Tether directly to their bank accounts or cards.
While TON is a promising new addition, Tether continues to maintain its dominant presence on other networks. The Tron network currently hosts over $57.8 billion worth of USDT, surpassing Ethereum’s $51 billion. This shift highlights Tether’s efforts to reduce reliance on Ethereum’s high network fees. Solana stands as the third-largest Tether host with $1.9 billion. Tether commands a significant 69% share of the stablecoin market, valued at approximately $159.5 billion, according to CoinGecko. Its closest competitor, Circle’s USD Coin (USDC), holds a 21% share with $33.7 billion in circulation.
Market Reaction and Future Outlook
The announcement of Tether’s integration with TON caused a 22% spike in Toncoin initially, but the price has since stabilized. At the time of writing, Toncoin is trading down 1.1% at $6.15. Despite this minor fluctuation, the collaboration between Tether and TON signifies a new chapter in the stablecoin’s journey, offering users more choice, accessibility, and flexibility in their digital asset transactions.
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