Tether, the organization managing the largest stablecoin, USDT, announced an expansion that boosted Toncoin‘s value, the native token for The Open Network (TON), by approximately 17% within the last day.
Tether Expands Reach To 15 Blockchains
On Friday, Tether unveiled the introduction of its USDT stablecoin tied to the US dollar and XAUT, a gold-backed digital token, onto The Open Network. This step represents an important advancement for Tether as it broadens its reach to now include 15 different blockchains.
With more than 900 million users worldwide, the connection between TON and Telegram is projected to deliver a smooth and uninterrupted experience for making P2P payments among Telegram’s user community.
Tether intends to simplify value transfers among users in the TON network and other blockchains through the addition of USDT and XAUT, accelerating transaction speeds and lowering costs in the process.
Paolo Ardoino, Tether’s CEO, showed enthusiasm for the upcoming launch, highlighting their alignment with The Open Network’s goal of creating a “decentralized web.” According to Ardoino:
We’re excited to bring USD₮ and XAU₮ to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system. The launch of USD₮ and XAU₮ on TON will allow seamless value transfer, increasing activity and liquidity while offering users a financial experience that can match those found in the traditional financial system. This furthers our mission of powering open financial infrastructure across the blockchain space.
11 Million TON Tokens To Drive Adoption Of USDT, XAUT
Simultaneously, The Open Network asserts it will “dramatically change” the landscape of peer-to-peer transactions globally. This enables Telegram users to swiftly transfer funds without requiring specific blockchain addresses or installing additional applications.
USDT on the TON blockchain will be enhanced with ramps that seamlessly connect to most global fiat currencies. Furthermore, users can easily cash out their supported fiat currencies by utilizing integrated off-ramps, allowing them to directly transfer funds to their bank accounts or debit cards.
The TON Foundation has set aside 11 million TON tokens as incentives to increase the use of TON. About half of these tokens, or 5 million, will be employed to enhance rewards in USDT/TON pools on decentralized TON exchanges such as StonFi and Dedust.
Approximately 5 million tons of TON tokens will be allocated to individuals who transfer USDT into Telegram’s wallet Earn program. Additionally, users can withdraw TON from partnered exchanges like OKEx, Bybit, and KuCoin without any fees until June 2024’s end.
In the end, introducing USDT and XAUT on TON with incentives is believed to significantly increase the use of TON and make it a “swifter, more convenient, and less costly” alternative for cross-border transactions compared to typical financial services, based on The Open Network’s statement.
Toncoin Price Rallies
After the announcement of the new partnership, Toncoin’s price experienced a significant increase, peaking at $8.02 on Friday. This surge came after a steep drop in value since the token reached its record high of $8.79 on April 11. Following this new peak, Toncoin’s price dipped to a low of $5.42 on the following day, April 13.
Following the new partnership, the Toncoin price has picked up again and is now at $6.59.
The price of Toncoin is trying to break through the barrier of $7.70. If successful, this will open up the path for it to reach and surpass the $8 mark. Reaching this milestone would put Toncoin on an upward trend, allowing it to surpass its current all-time high.
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2024-04-19 19:16