Expanding Tether’s Reach with TON Integration
Tether, the company behind the world’s largest stablecoin, USDT, has recently issued $60 million worth of USDT on The Open Network (TON) blockchain. This strategic move, announced at the Token2049 event in Dubai, marks a significant milestone for Tether, making TON the 11th-largest blockchain supporting the stablecoin.
Key Highlights of Tether’s Integration with TON
- Tether issues $60 million USDT on TON, elevating it to the 11th-largest blockchain for Tether.
- Collaboration with TON enables Telegram’s 900 million users to send transfers through direct messages.
- Introduction of Tether Gold (XAUT) on the TON network.
- Majority of Tether’s supply remains on Tron, Ethereum, and Solana networks.
- Focus on enhancing peer-to-peer payments and fueling the growth of the TON ecosystem.
This partnership between Tether and the TON Foundation aims to revolutionize peer-to-peer payments by providing Telegram’s massive user base of 900 million individuals with the ability to seamlessly transfer funds. By incorporating USDT on TON, users can now perform instant and fee-free transfers through direct messages on the Telegram platform, eliminating the need for blockchain addresses or separate applications.
In addition to USDT, Tether has also introduced Tether Gold (XAUT) on the TON network. This expansion is geared towards offering users a financial experience that mirrors traditional systems while incorporating the advantages of blockchain technology.
Implications of Tether’s Expansion on TON
- Tether’s $109.8 billion supply predominantly resides on Tron, Ethereum, and Solana networks.
- TON integration aims to benefit the burgeoning TON ecosystem and boost DeFi activities using stablecoins.
- TON ecosystem witnesses substantial growth, with monthly active addresses surpassing 1.7 million in just six months.
- Tether CEO Paolo Ardoino highlights the collaboration’s significance in advancing open financial infrastructure.
- Reduced trading fees within the Ton Space ecosystem to promote TON adoption.
Despite the issuance of USDT and XAUT on TON, Tether’s primary supply remains distributed across various networks, with Tron hosting the largest share, followed by Ethereum and Solana. This diversification is a strategic move to alleviate network congestion and high fees on Ethereum, providing users with more efficient and cost-effective transaction options.
The introduction of USDT and XAUT on TON is expected to drive increased transaction volumes and liquidity within the network, thus enhancing user experience and engagement. Furthermore, the rising adoption of TON is reinforced by the decision of Ramp Network, a fintech firm, to facilitate the purchase and withdrawal of USDT on the platform, catering to both crypto and traditional finance users.
This collaboration holds immense potential in expanding the adoption of digital assets and transforming cross-border value transfers, as it leverages Telegram’s extensive user base to drive widespread acceptance and utilization of cryptocurrencies.
Hot Take: Leveraging TON for Enhanced Payments and Liquidity
As Tether expands its operations onto the TON blockchain, it opens up new avenues for seamless transactions and increased liquidity within the network. The integration of USDT and XAUT on TON not only benefits Telegram users but also contributes to the growth of decentralized finance applications, propelling the adoption of digital assets to new heights.
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