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.

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.

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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