Exploring Tether’s Expansion on The Open Network (TON) 🚀
Discover how Tether, the leading stablecoin issuer, has recently expanded its reach by issuing $60 million worth of USDT on The Open Network (TON). Learn more about this exciting development and what it means for the crypto ecosystem.
The Collaboration Between Tether and TON 🤝
- TON becomes the 11th blockchain to host Tether, opening up new possibilities for users.
- Tether also launched Tether Gold (XAUT) on TON, providing users with additional diversification options.
- The partnership was announced at the Token2049 conference in Dubai, with an initial issuance of $35 million.
The Growth of Tether on TON 📈
Within just two days, the issuance of USDT on TON grew to $60 million, highlighting the rapid adoption and demand for Tether on this new blockchain.
Empowering Telegram Users With Instant Payments 💸
The integration of Tether on TON has significant implications for Telegram users, enabling instant and free cross-border payments without the need for blockchain addresses or separate apps. Sending money on Telegram will be as simple as sending a direct message.
Tether and TON’s Integration With Fiat Currencies 💳
Tether on TON offers seamless integration with fiat currencies, allowing users to easily convert Tether to fiat and withdraw it to their bank accounts or cards. This feature simplifies the on-ramping and off-ramping process for users.
Tether’s Dominance in the Stablecoin Market 🌐
- Tether holds a significant share of the stablecoin market, with a value of approximately $159.5 billion, dominating the market with a 69% share.
- Ethereum, once a prominent host for Tether, has seen a gradual shift in Tether’s presence to other networks like Tron and Solana.
- Circle’s USD Coin (USDC) is Tether’s closest competitor, holding a 21% market share with $33.7 billion in circulation.
TON Price Reaction to Tether Integration 📉
While the announcement of Tether’s integration on TON initially caused a 22% price spike for TON, the price has since stabilized. At the time of writing, Toncoin is trading down 1.1% at $6.15.
Hot Take: The Future of Tether and TON Partnership 🔮
Explore the potential impact of Tether’s collaboration with TON and how it could shape the future of cross-border payments and stablecoin adoption in the crypto ecosystem.
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