Toncoin Price Surges as Tether Expands to 15 Blockchains
Tether, the company behind the largest stablecoin in the market, USDT, has made a significant expansion move that has propelled the Toncoin price, the native token of The Open Network (TON), by 17% in the past 24 hours.
Expanding to The Open Network
On Friday, Tether launched its USDT dollar-pegged token and Tether Gold (XAUT) on The Open Network, marking a significant move to expand its presence to 15 blockchains. The integration of TON with Telegram is expected to provide a “seamless and borderless” experience for peer-to-peer payments.
– Paolo Ardoino, CEO at Tether, expressed excitement about the launch, emphasizing their support for The Open Network’s vision of an open and decentralized internet.
– The introduction of USDT and XAUT on TON aims to facilitate seamless value transfer between users in the TON ecosystem and other blockchain networks.
11 Million TON Tokens Driving Adoption
The Open Network claims to revolutionize global peer-to-peer payments, allowing Telegram users to send money instantly without needing a blockchain address or downloading a new app. With integrated on-ramps supporting most fiat currencies globally, USDT on TON is set to empower users with easy access to digital assets.
– 11 million TON tokens have been allocated as incentives to boost adoption, with rewards in liquidity pools and free withdrawals from supporting exchanges.
– The incentives provided are expected to accelerate the adoption of TON as a faster, easier, and more cost-effective cross-border payment system.
Toncoin Price Performance
After the partnership announcement, the Toncoin price rallied, reaching $8.02 and regaining bullish momentum. Currently trading at $6.59, the price aims to surpass key resistance levels to reach and exceed its all-time high of $8.79.
Hot Take: Tether’s Expansion Boosts Toncoin Price
Tether’s strategic expansion to The Open Network has significantly impacted the Toncoin price, showcasing bullish momentum and potential for further growth. With the introduction of USDT and XAUT on TON, coupled with incentives to drive adoption, TON is positioned to establish itself as a leading cross-border payment system. Crypto investors are eyeing the ongoing developments closely as Toncoin aims to break through key resistance levels and set new all-time highs.
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