Tether (USDT), the world’s largest stablecoin, has made a quick start on The Open Network (TON), with $60 million worth of USDT already issued on the blockchain.
Tether announced its collaboration with the TON Foundation just two days earlier at Token2049, which is happening in Dubai.
USDT Off To Stellar Beginning On TON
With $60 million worth of USDT already issued on The Open Network (TON), the blockchain becomes the 11th largest out of a total of 16 blockchains that support USDT. Tether had announced a collaboration with the TON Foundation during the Token2049 conference in Dubai. Tether also stated that it was launching the gold-pegged Tether Gold (XAUT) stablecoin on TON as well. Tether CEO Paolo Ardoino was delighted with the partnership, calling it an excellent start, with $35 million worth of USDT issued at the time.
However, the Tether Transparency Report has since updated this figure to $60 million. The integration has significant ramifications for Telegram users in particular. With USDT now available on TON, users can access instant and free cross-border payments. The integration also allows users to send payments without needing a blockchain address or having to download separate apps. Telegram states that thanks to the integration, sending money will be as simple as sending a direct message.
“This initiative is set to transform global peer-to-peer payments, allowing Telegram’s users to send transfers freely and instantly between all Telegram users; all you need to do is send a DM, no need for a blockchain address, and no need to download a new app.”
Fully Integrated On-Ramps
USDT on TON will also integrate seamlessly with major fiat currencies. This means users can expect easy on-ramping from major currencies at launch. Off-ramping functionalities are also in the pipeline and will allow users to convert their USDT back to the fiat currency of their choice and withdraw it to their bank account or card. While TON is a recent and major addition, a significant majority of USDT’s $109.8 billion circulating supply remains on the Tron Network, which currently holds around $57 billion worth of USDT.
Ethereum holds around $51 billion worth of USDT. Ethereum was the largest Tether host previously but has seen a drop as Tether looks to distance itself from Ethereum’s high network fees. Meanwhile, Solana is the third largest, with $1.9 billion worth of USDT on the network. USDT is the largest stablecoin in the market, holding a staggering 69% share of the stablecoin market, with its total share valued at around $159.5 billion, according to data from CoinGecko.
Tether’s closest competitor is Circle’s USD Coin (USDC), with a market share of around 21%, with $33 billion worth of USDC in circulation. Meanwhile, the price of Toncoin (TON) has a positive reaction to the announcement, registering a 22% increase. However, it quickly returned to previous levels. Currently, TON is trading at $6.16, down 1.59% over the past 24 hours.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
