Tether, well-known for issuing stablecoins like USDT, has announced that these coins will be integrated onto The Open Network (TON) blockchain. At the Token2049 crypto conference in Dubai, Tether’s CEO, Paolo Ardoino, revealed intentions to introduce both the US dollar-linked USDT and gold-backed XAUT stablecoins on TON.
Ardonio highlighted how the expansion to the TON blockchain would significantly affect things; he announced that the introduction of USDT and XAUT on this network would make value transfers smoother and increase liquidity within the ecosystem. With the help of the blockchain, users can look forward to a financial experience similar to conventional systems, all while enjoying the perks of decentralized cryptocurrency frameworks.
The CEO of Tether clarified that extending USDT and XAUT onto The Open Network through TON will enhance the capability of decentralized apps in various industries, thereby increasing the TON ecosystem’s functionality and utility. This expansion is expected to increase user activity and facilitate effortless transactions among Telegram users.
The USDT stablecoin from Tether is set to debut on the blockchain on April 20th, signifying an important step in the company’s growth plan. Meanwhile, the launch date for XAUT stablecoin has yet to be announced. This news signifies progress for XAUT as it becomes accessible on a second blockchain network, broadening its user base beyond Ethereum.
Tether’s choice to add USDT and XAUT to the TON blockchain is a notable move for the company and strengthens TON’s presence in the cryptocurrency industry. In fact, Toncoin, TON’s native token, has lately outpaced Dogecoin in market value, indicating its importance as a major player in the crypto world.
Toncoin Trading Volumes and Price Surge after Announcement
Tether’s stablecoins being adopted on the TON blockchain is expected to simplify financial transactions for traders and investors, resulting in a smoother experience within the TON community. This news has caused a significant increase in Toncoin’s trading activity and value.
After the announcement, there was a significant surge in Toncoin trading volume, which rose by 125% within hours. Simultaneously, the price of Toncoin went up by 30%. This increase in trading activity and price hike is an indication of the faith and enthusiasm among traders and investors towards the TON ecosystem. The integration of Tether’s stablecoins has further fueled this confidence. As a result, Toncoin has now moved up to the 8th rank in market capitalization, making it a notable player in the cryptocurrency industry.
A recent announcement from Telegram has boosted both the appeal and success of Toncoin. The messaging app announced that it will start accepting Toncoin as a form of payment for advertisements on its platform, which has contributed to the surge in adoption and enrollment within the TON community.
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2024-04-19 19:36