Tether, the world’s leading stablecoin issuer, has recently made a significant move by integrating with The Open Network (TON). Since the integration on April 19th, Tether has already issued $60 million worth of USDT on TON, making it the 11th blockchain to host Tether. This collaboration has opened up new opportunities for users and expanded Tether’s reach in the blockchain space.
In addition to issuing USDT on TON, Tether has also launched Tether Gold (XAUT) on the platform. This gold-pegged stablecoin provides users with additional diversification options, allowing them to invest in digital gold while benefiting from the stability of a stablecoin. Tether CEO, Paolo Ardoino, has expressed optimism about this partnership, highlighting the initial success with $35 million issued on TON.
The integration of Tether on TON has significant implications for Telegram users. It enables instant and free cross-border payments between all platform users, eliminating the need for blockchain addresses or separate apps. Sending money on Telegram will be as simple as sending a direct message, revolutionizing the way users engage in financial transactions. Additionally, Tether on TON offers seamless integration with fiat currencies, allowing for easy on-ramping and off-ramping functionalities for users.
While Tether’s presence on TON is a new development, its dominance in the stablecoin market is evident. Tether currently holds over $57.8 billion worth of USDT on the Tron network, surpassing Ethereum which holds $51 billion. The integration with TON reflects Tether’s strategic efforts to expand its reach and escape Ethereum’s high network fees. With a market share of 69% and a total value of approximately $159.5 billion, Tether remains the top stablecoin issuer, with Circle’s USD Coin (USDC) trailing behind at 21% market share and $33.7 billion in circulation.
Following the announcement of Tether’s integration with TON, the price of Toncoin initially spiked by 22%. However, the price has since returned to previous levels, currently trading down 1.1% at $6.15. The market response indicates the interest and potential impact of Tether’s expansion on TON, showcasing the evolving dynamics within the stablecoin ecosystem.
