Tether (USDT) Expands to TON Blockchain: Issuing $60 Million USDT & Tether Gold

Tether, the company behind the world’s largest stablecoin USDT, expands its reach By issuing USDT worth $60 million 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 supports Tether.


TLDR

  • Tether issued $60 million USDT on the Open Network (TON) blockchain, making it Tether’s 11th largest blockchain.
  • The collaboration with TON will enable Telegram’s 900 million users to send money freely and instantly through direct messages.
  • Tether also launched Tether Gold (XAUT), a gold-pegged stablecoin, on the TON network.
  • Despite the new issuance on TON, the majority of Tether’s supply remains in the Tron, Ethereum, and Solana networks.
  • The move aims to facilitate peer-to-peer payments and benefit the rapidly growing TON ecosystem by allowing users to use stablecoins in DeFi applications.

The collaboration between Tether and TON Foundation aims to facilitate seamless peer-to-peer payments among Telegram’s 900 million users.

By integrating USDT into TON, users will be able to send money instantly and freely through direct messages on messaging platforms without the need for a blockchain address or separate app.

Tether also launched Tether Gold (XAUT), a gold-pegged stablecoin, on the TON network. This expansion is expected to provide users with a financial experience comparable to traditional financial systems, offering both the stability and benefits of blockchain technology.

Despite new issuance on TON, the majority of Tether’s $109.8 billion in circulating supply remains on other networks. Tron network holds the largest share with 57.8 billion USDT, followed by Ethereum with his $51 billion.

Solana is the third largest network supporting Tether, with $1.9 billion in issuance. Tether’s diversification across different blockchains is part of Ethereum’s efforts to alleviate high network fees.

The move to expand USDT and XAUT on TON is expected to benefit the rapidly growing TON ecosystem. Users will be able to use stablecoins in decentralized finance (DeFi) applications, increasing activity and liquidity within the network.

The TON ecosystem has experienced significant growth recently, with monthly active addresses jumping from less than 100,000 to more than 1.7 million in just six months due to incentives for Telegram user onboarding.

Tether CEO Paolo Ardoino emphasized the importance of this partnership, saying it furthers the company’s mission to strengthen open financial infrastructure across the blockchain space.

The launch of USDT and XAUT on TON is expected to enable seamless value transfer, increase activity and liquidity, and provide users with a financial experience comparable to the traditional financial system.

To further encourage the adoption of TON, transaction fees within the Ton Space ecosystem have been significantly reduced.

Ramp Network, a fintech company that connects cryptocurrencies and traditional banking rails, says it will start with on-ramp from fiat currencies and later add off-ramp functionality to enable the purchase and withdrawal of USDT in TON. Announced.

With the potential to reach Telegram’s vast user base, this collaboration could play a key role in increasing the adoption of digital assets and revolutionizing the way people transfer value across borders. there is.

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