$60 Million Tether (USDT) Already Issued on TON within Three Days after Launch

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Within a week of Tether unveiling its plan to move USDT stablecoin onto the TON blockchain network on April 19, there’s been significant activity leading to over $60 million in USDT being issued. This puts TON as the 11th largest blockchain for Tether in terms of USDT issuance.

Last week at the Token2049 crypto conference in Dubai, Tether revealed a new partnership with the TON Foundation. This collaboration enables Tether to issue its USDT stablecoin at will on the TON blockchain. Additionally, Tether introduced its gold-backed XAUT stablecoin on the TON platform.

On X, the Open Network team declared that making cross-border payments was as simple, costless, and swift as sending a text message to Telegram’s massive user community of 900 million people.

Paolo Ardoino, Tether’s CEO, expressed optimism about the start of their endeavor on the TON blockchain in a post on April 21st, as $35 million in USDT had been issued. However, according to the Tether Transparency report, the amount of USDT authorized for issue had grown to $60 million by 11:30 pm UTC on the same day.

The Tether and TON Collaboration

Through the partnership between Tether and the TON blockchain, Telegram users can effortlessly transfer their USDT coins across various platforms with almost instant speed. According to Telegram, this process is simplified, requiring only a direct message for transaction initiation, without the need for specific blockchain addresses or downloading additional apps.

On the TON Network, USDT can be easily obtained using direct connections to many international fiat currencies. Soon, users will also have the option to cash out and receive their preferred fiat currency straight to their debit or credit cards or bank accounts.

Over half of Tether’s total supply is now located on the Tron blockchain instead of Ethereum. The value of USDT circulating on Ethereum has dropped to $51 billion due to an increasing number of users moving their Tether to other networks in order to avoid high transaction fees on Ethereum.

Tether, with a total value of $1.9 billion in circulation, is the third-largest digital asset residing on the Solana network. Furthermore, this stablecoin can also be found on other blockchain platforms including Avalanche, Omni, Cosmos, Tezos, Near, EOS, and Celo.

The proportion of the entire stablecoin market that Tether controls is now approximately 69%. In comparison, Circle, its main competitor, holds a market share of around 21%. To decrease its reliance on just two dominant players, Tether is extending its reach to the TON blockchain.

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2024-04-22 12:01