Tether, the leading stablecoin issuer, has successfully integrated with The Open Network (TON) and has issued $60 million worth of USDT since April 19th. This marks TON as the 11th blockchain hosting Tether, expanding its reach and providing users with new options. The collaboration between Tether and TON also resulted in the launch of Tether Gold (XAUT), a gold-pegged stablecoin offering users additional diversification options. Tether CEO Paolo Ardoino expressed positivity about the partnership, noting that $35 million was initially issued, which has now grown to $60 million according to the Tether Transparency report.
The integration of Tether on TON has significant implications for Telegram users, as it allows for instant and free cross-border payments between all platform users. This integration eliminates the need for blockchain addresses and separate apps when sending payments, making the process as simple as sending a direct message on Telegram. Tether on TON also offers seamless integration with fiat currencies, enabling users to easily convert their Tether back to fiat and withdraw it directly to bank accounts or cards. This feature is expected to enhance the overall user experience on the platform.
Despite TON being a new addition to Tether’s network, the stablecoin issuer continues to dominate on the Tron network, holding over $57.8 billion worth of USDT. Ethereum, once the leader, now holds $51 billion, indicating a shift as Tether aims to reduce network fees. Solana currently stands as the third-largest Tether host with $1.9 billion. Tether maintains a significant 69% share of the entire stablecoin market, valued at approximately $159.5 billion according to CoinGecko, while its closest competitor, Circle’s USD Coin (USDC), holds a 21% share with $33.7 billion in circulation. The announcement of Tether’s integration with TON initially caused a 22% spike in TON’s price, though it has since returned to previous levels and is currently trading down 1.1% at $6.15.
Overall, the collaboration between Tether and TON has opened up new opportunities for users on the network, offering them access to Tether’s stablecoins and facilitating seamless cross-border payments. The integration of Tether on TON also enhances the platform’s usability by providing easy on-ramping from global currencies and enabling off-ramping functionalities for users to convert Tether back to fiat. With Tether continuing to expand its presence across various blockchains, the stablecoin issuer remains at the forefront of the stablecoin market, signaling potential growth and development in the future.
