Tether issued on TON blockchain at a ‘great start’ says CEO — now at $60M

Approximately $60 million in Tether (USDT) has been generated on The Open Network (TON) since its integration with the platform began on April 19, ranking it as the 11th most utilized blockchain for Tether among the current 16 options.

At the Token2049 crypto conference in Dubai on April 19, Tether’s stablecoin issuer revealed a partnership with the TON Foundation. According to this collaboration, Tether will start being produced on TON’s blockchain network.

Additionally, the company announced the introduction of Tether Gold (XAUT), a stablecoin pegged to gold, on the TON blockchain.

According to the Open Network team’s announcement on X, making cross-border payments is now just as swift, costless, and convenient as sending a message to Telegram’s massive user base of 900 million people.

In a recent post on X, dated April 21, Tether CEO Paolo Ardoin expressed satisfaction with the “promising beginning” of issuing $35 million in USDT on the TON network.

The Tether Transparency report states that the amount of Tether tokens authorized for issue on the TON blockchain has reached $60 million by 11:30 pm UTC on April 21.

Tether issued on TON blockchain at a ‘great start’ says CEO — now at $60M

Users of Telegram can effortlessly and instantaneously transfer money to each other by sending a direct message, eliminating the necessity for specifying a blockchain address or installing a new application.)

At the launch of USDT on TON, there will be seamlessly connected on-ramps from various fiat currencies worldwide for easy conversion. Later on, global off-ramps will be added, allowing users to withdraw supported fiat currencies directly to their bank accounts or cards.

Approximately 90% of Tether’s $109.8 billion in circulating supply is located on the Tron (TRX) network, holding a total of $57.8 billion. In contrast, Ethereum hosts around $51 billion worth of USDT from Tether. Notably, the amount of USDT on Ethereum has been decreasing due to the increasing deployment of Tether on various other networks to mitigate high transaction fees on Ethereum.

Tether issued on TON blockchain at a ‘great start’ says CEO — now at $60M

Tether, the stablecoin with a market value of $1.9 billion, is supported by Solana as the third-largest network. Additionally, it is also available on other networks such as Avalanche, Omni, Cosmos, Tezos, Near, EOS, and Celo, among others.

Approximately 69% of the total stablecoin market value, equivalent to around $159.5 billion as per CoinGecko, is controlled by Tether.

The main competitor to it, Circle, holds a 21% market share for their stablecoin US Dollar Coin (USDC), with a total circulation amounting to $33.7 billion.

The announcement caused Toncoin (TON) prices to surge by 22% initially, but they soon retreated and are now trading 1.6% lower than before, currently priced at $6.13 based on data from CoinGecko.

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2024-04-22 06:55