Expanding Stablecoin Offerings to The Open Network: Tether’s Strategic Move
Tether has made a strategic move to expand its stablecoin offerings to The Open Network (TON), a blockchain platform originally developed by Telegram. This integration introduces Tether’s USDT and XAUT onto TON’s ecosystem, which holds a $108 billion market cap.
Tether’s Transparency on Ton Network
The integration of Tether’s stablecoins onto TON has not been officially announced, but Tether’s transparency page indicates a total authorized amount of $10 million on the TON blockchain. TON operates independently as a layer-1 blockchain after Telegram’s withdrawal due to regulatory pressures. Despite this, TON has witnessed significant growth, with monthly active addresses surging from under 100,000 to over 1.7 million within six months.
- TON operates as an independent layer-1 blockchain following Telegram’s withdrawal
- Data from Tonstat reflects significant growth in monthly active addresses
Telegram’s Operational Shifts and TON Integration
Recent operational shifts by Telegram have led to the integration of TON’s native cryptocurrency, Toncoin, replacing euros for advertising payments. Telegram now allows users to promote their bot or channel with budgets as low as a handful of Toncoins. The ability to choose exact channels for advertising provides users with full control over the context of their promotions. Stablecoins play crucial roles in the market by mitigating volatility associated with digital currencies. By pegging to stable assets like the US dollar and gold, stablecoins offer a safe harbor amid market fluctuations, making them an integral part of traders’ and investors’ portfolios.
Hot Take: Tether’s Journey to TON
Tether’s decision to expand its stablecoin offerings to The Open Network marks a strategic move that aligns with the platform’s growing popularity. With the integration of USDT and XAUT onto TON, Tether aims to cater to the evolving needs of the crypto community and provide a reliable and secure option for users within TON’s ecosystem. As TON continues to witness substantial growth and adoption, the presence of Tether’s stablecoins is expected to enhance liquidity and facilitate seamless transactions on the blockchain. Overall, Tether’s foray into TON signifies a significant development in the realm of stablecoins and further cements Tether’s position as a leading player in the crypto market.
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