The world’s leading stablecoin issuer Tether has made a fast start on The Open Network (TON), issuing $60 million worth of USDT since integrating with the blockchain on April 19th. This makes TON the 11th blockchain to host Tether, expanding its reach and offering new options for users.
The collaboration between the two, announced at the Token2049 conference in Dubai, also saw the launch of Tether Gold (XAUT) on TON. This gold-pegged stablecoin offers users additional diversification options.
Tether CEO Paolo Ardoino expressed optimism about the partnership, calling it a “great start” with $35 million issued initially.
Already 35M USDt issued on TON.
Great start!
— Paolo Ardoino (@paoloardoino) April 21, 2024
The Tether Transparency report confirms the figure has grown to $60 million within just two days.
This integration has significant implications for Telegram users. Tether’s presence on TON allows for instant and free cross-border payments between all platform users. The integration allows to send payments across without the need of a blockchain address or downloading separate apps. According to Telegram, sending money will be as simple as sending a direct message.
Tether and Ton’s Seamless Integration With Fiat Currencies
Tether on TON also boasts seamless integration with fiat currencies. Users can expect easy on-ramping from most global currencies at launch, with off-ramping functionalities planned soon. This will allow users to convert their Tether back to fiat and withdraw it directly to bank accounts or cards.
While TON is a new addition, Tether’s dominant presence remains on the Tron network, holding over $57.8 billion worth of USDT. Ethereum, once the leader, currently holds $51 billion, reflecting a gradual shift as Tether seeks to escape Ethereum’s high network fees. Solana stands as the third-largest Tether host with $1.9 billion.
Tether currently holds a staggering 69% share of the entire stablecoin market, valued at roughly $159.5 billion according to CoinGecko. Its closest competitor, Circle’s USD Coin (USDC), holds a 21% share with $33.7 billion in circulation.
While TON’s price initially spiked 22% on the Tether announcement, it has since returned to previous levels. At the time of writing, Toncoin is trading down 1.1% at $6.15.
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