Tether coming to Telegram through TON blockchain amid $11 billion wider minting spree

Stablecoin issuer Tether has confirmed the following: crypto slate According to an April 19 statement, it will extend its US dollar-backed USDT and gold-backed XAUT stablecoins to the Open Network (TON) blockchain.

The move aims to strengthen the use of stablecoins in cross-border and peer-to-peer transactions among the 900 million users of the TON-related Telegram messaging application.

According to the company,

“This integration will increase TON activity and liquidity, simplifying access to capital for developers and users across a variety of use cases, while allowing users to hold and move USDt in their TON wallet. You will get benefits.”

Tether CEO Paolo Ardoino affirmed the initiative, adding that it aligns with the company’s objective of “strengthening open financial infrastructure across the blockchain space.”

TON is one of the fastest growing decentralized layer 1 blockchains thanks to its collaboration with Telegram, a crypto-friendly messaging platform. Toncoin, the network’s native token, has shown solid growth, surging around 135% over the past year and securing its place among the top 10 digital assets by market capitalization.

Tether minted $11 billion since March

The integration of Tether and TON is in line with current market conditions following a significant surge in USDT stablecoin minting.

On April 16th, blockchain analyst Lookonchain said, report Tether has reportedly minted $10 billion worth of USDT since March 1st.

Furthermore, recent data According to Whale Alert, an additional $1 billion of USDT was minted from Tether’s treasury today, bringing the total minted since March 1 to $11 billion.

ardoino explained He said the main objective was to increase reserves in anticipation of increased demand for stablecoins. He added that most of the minted tokens have been authorized but will not be issued immediately. Instead, it is stored in Tether’s treasury until demand requires it to be distributed.

Tether is the largest stablecoin in the crypto market and is currently available on 15 blockchain networks including Ethereum, Tron, Solana, and more.According to the company’s transparency pagethe circulating supply of stablecoins is approximately $109.5 billion, and the total supply is approximately $114 billion.

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