USDT on The Open Network (TON), the leading stablecoin by market size, has begun operations smoothly with an initial issuance of around $60 million in USDT tokens.
At Token2049 in Dubai, held only two days ago, Tether unveiled its partnership with the TON Foundation.
USDT Off To Stellar Beginning On TON
With a market value of $60 million for USDT tokens on The Open Network (TON), this blockchain ranks as the 11th largest among the 16 blockchains currently supporting Tether’s USDT stablecoin. The TON Foundation and Tether announced their collaboration during the Token2049 conference in Dubai, with plans to launch the gold-pegged XAUT stablecoin on TON as well. Tether CEO Paolo Ardoino expressed excitement about the partnership, describing it as a promising beginning, given that $35 million worth of USDT tokens were already issued at that time.
The Tether Transparency Report now reveals a $60 million USD tether reserve. This development carries major implications for Telegram users. With USDT integrated on the TON blockchain, users can easily make instant and cost-free cross-border transactions. The integration also enables users to send payments without requiring specific blockchain addresses or downloading additional apps. Telegram asserts that this integration simplifies money transfer, making it comparable to sending a direct message.
“This project will revolutionize how people make peer-to-peer payments worldwide. With it, Telegram users can easily and instantly transfer funds to one another through direct messages. There’s no need to provide a blockchain address or download an additional app.”
Fully Integrated On-Ramps
USDT on TON will be compatible with major fiat currencies right from the start, enabling users to effortlessly convert their USDT into these currencies during launch. Conversely, plans are underway for off-ramping features that will enable users to swap their USDT back for their preferred fiat currency and withdraw it to their bank account or card. Although a substantial portion of USDT’s $109.8 billion total circulation currently resides on the Tron Network ($57 billion), TON is a new yet significant development.
Ethereum holds around $51 billion worth of USDT. Ethereum was the largest Tether host previously but has seen a drop as Tether looks to distance itself from Ethereum’s high network fees. Meanwhile, Solana is the third largest, with $1.9 billion worth of USDT on the network. USDT is the largest stablecoin in the market, holding a staggering 69% share of the stablecoin market, with its total share valued at around $159.5 billion, according to data from CoinGecko.
Tether’s closest competitor is Circle’s USD Coin (USDC), with a market share of around 21%, with $33 billion worth of USDC in circulation. Meanwhile, the price of Toncoin (TON) has a positive reaction to the announcement, registering a 22% increase. However, it quickly returned to previous levels. Currently, TON is trading at $6.16, down 1.59% over the past 24 hours.
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2024-04-22 15:04