- Tether’s rapid expansion onto the TON network signifies enhanced accessibility and diversification for cryptocurrency users.
- Integration enables Telegram users to conduct fee-free cross-border payments as easily as sending messages.
- Seamless integration with fiat currencies empowers users with easy conversion and withdrawal capabilities.
Tether, the renowned stablecoin issuer, has rapidly expanded its footprint into The Open Network (TON), issuing a substantial $60 million worth of USDT since its integration on April 19. This move marks TON as the eleventh blockchain platform to host Tether, facilitating wider accessibility and fresh opportunities for cryptocurrency users.
The collaboration between Tether and TON, announced at the Token2049 conference in Dubai, also heralded the debut of Tether Gold (XAUT) on the TON network. This gold-backed stablecoin presents users with additional diversification avenues within the crypto sphere.
Paolo Ardoino, CEO of Tether, expressed optimism regarding this partnership, hailing it as a “great start” with an initial issuance of $35 million. Remarkably, within two days, this figure has surged to $60 million, as confirmed by the latest Tether Transparency report.
The integration of Tether on TON carries substantial implications for Telegram users. It enables seamless and fee-free cross-border payments among all platform users, eliminating the need for blockchain addresses or separate apps. Telegram users can now transact money as effortlessly as sending a direct message.
One of the standout features of Tether’s presence on TON is its seamless integration with fiat currencies. Users can anticipate easy conversion from various global currencies upon launch, with off-ramping capabilities slated soon. This development empowers users to convert Tether to fiat and withdraw it directly to their bank accounts or cards.
While TON emerges as a new player, Tether’s stronghold remains on the Tron network, boasting over $57.8 billion worth of USDT. Ethereum, once the dominant host, currently holds $51 billion, indicating a gradual shift as Tether seeks to circumvent Ethereum’s soaring network fees. Solana stands as the third-largest Tether host with $1.9 billion.
The announcement of Tether’s integration sparked an initial 22% surge in TON’s price, although it has since retraced to previous levels. Toncoin is trading at $6.18, reflecting a marginal decline of 0.41% at the time of writing.
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