Tether, the company behind the world’s largest stablecoin, USDT, has expanded its reach by issuing $60 million worth of USDT on The Open Network (TON) blockchain.
The move, announced at the Token2049 event in Dubai, makes TON the 11th-largest blockchain out of the 16 that support Tether.
TLDR
- Tether has issued $60 million USDT on The Open Network (TON) blockchain, making it the 11th-largest blockchain for Tether.
- The collaboration with TON allows Telegram’s 900 million users to send transfers freely and instantly through direct messages.
- Tether also launched its gold-pegged stablecoin, Tether Gold (XAUT), on the TON network.
- Despite the new issuance on TON, the majority of Tether’s supply remains on the Tron, Ethereum, and Solana networks.
- The move aims to boost peer-to-peer payments and benefit the rapidly growing TON ecosystem, with users able to use the stablecoins in DeFi applications.
The collaboration between Tether and the TON Foundation aims to facilitate seamless peer-to-peer payments among Telegram’s 900 million users.
By integrating USDT on TON, users can now send transfers instantly and freely through direct messages on the messaging platform, without the need for a blockchain address or a separate app.
Tether has also launched its gold-pegged stablecoin, Tether Gold (XAUT), on the TON network. This expansion is expected to provide users with a financial experience comparable to that of the traditional financial system, offering both stability and the benefits of blockchain technology.
Already 35M USDt issued on TON.
Great start!— Paolo Ardoino ???? (@paoloardoino) April 21, 2024
Despite the new issuance on TON, the majority of Tether’s $109.8 billion circulating supply remains on other networks. The Tron network holds the largest share, with $57.8 billion USDT, followed by Ethereum with $51 billion.
Solana is the third-largest network supporting Tether, with $1.9 billion issued. The diversification of Tether across various blockchains is part of an effort to alleviate high network fees on Ethereum.
The move to expand USDT and XAUT on TON is expected to benefit the rapidly growing TON ecosystem. Users will be able to use the stablecoins in decentralized finance (DeFi) applications, increasing activity and liquidity within the network.
The TON ecosystem has seen significant growth recently, with incentives for onboarding Telegram users leading to a surge in monthly active addresses from less than 100,000 to over 1.7 million in just six months.
Tether CEO Paolo Ardoino emphasized the importance of this collaboration, stating that it furthers the company’s mission of powering open financial infrastructure across the blockchain space.
The launch of USDT and XAUT on TON is expected to allow seamless value transfer, increasing activity and liquidity while offering users a financial experience that can match those found in the traditional financial system.
To further encourage the adoption of TON, trading fees within the Ton Space ecosystem have been substantially reduced.
Ramp Network, a fintech company connecting crypto with traditional banking rails, has announced that it will enable purchases and withdrawals of USDT on TON, starting with on-ramping from fiat currencies and later adding off-ramp capabilities.
With the potential to reach Telegram’s vast user base, this collaboration could play a crucial role in driving the widespread adoption of digital assets and revolutionizing the way people transfer value across borders.
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