TON Blockchain Launches Tether With A Bang, CEO Optimistic As Value Hits $60M


Tether and the TON Foundation announced their partnership at the Token2049 event in Dubai two days ago, marking the issuance of $60 million in USDT on the TON blockchain.

Since April 19, Tether has issued $60 million worth of USDT on The Open Network (TON), making it the 11th largest blockchain supporting Tether among 16. The token’s price is pegged at $1.00.

Tether’s partnership with the TON Foundation was announced at the Token2049 conference in Dubai on April 19, indicating that Tether would be minted on TON.

The company also launched its gold-backed stablecoin, Tether Gold (XAUT), on the TON blockchain.

The Open Network team mentioned on X that cross-border payments through TON are instantaneous, free, and as simple as sending a text message to Telegram’s 900 million users.

Tether’s CEO, Paolo Ardoino, posted on X on April 21 that the start with TON had been successful, with $35 million worth of USDT issued.

According to Tether’s Transparency report, the authorized supply on TON had increased to $60 million by 11:30 pm UTC on April 21.

Source: Paolo Ardoino

The partnership allows Telegram users to freely and instantly send transfers to any other users on the platform. “All you need to do is send a direct message; there’s no need for a blockchain address or downloading a new app,” the messaging company explained.

The introduction of USDT on The Open Network (TON) will include fully integrated on-ramps for most fiat currencies at launch. It also mentioned that, in the near future, integrated global off-ramps will let users withdraw supported fiat currencies directly to their bank accounts or cards.

Despite Tether’s expansion to new blockchains, the majority of its $109.8 billion circulating supply is on the Tron network, which has $57.8 billion. Ethereum holds $51 billion in USDT, though this amount has been decreasing as Tether diversifies across other blockchains to address high fees on Ethereum.

The Tether Transparency Report provides information on the issuance of USDT across different blockchains

Solana is the third-largest network for Tether, with $1.9 billion in USDT issued. Tether has also been issued on other blockchains like Avalanche, Omni, Cosmos, Tezos, Near, EOS, and Celo, among others.

Tether holds a 69% share of the total stablecoin market capitalization, which is estimated to be around $159.5 billion, according to CoinGecko.

Circle, Tether’s closest competitor, has a 21% share with its stablecoin, USD Coin (USDC), which has a circulating supply of $33.7 billion.

Toncoin (TON) experienced a 22% price surge following the announcement but quickly reverted to previous levels. At the time of writing, the asset was down 1.6% for the day, trading at $6.13, according to CoinGecko.


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We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.


Tabitha Nyamburah

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