Tether announced on July 27 that it had teamed up with TokenPocket to support USDT on TON. According to Tether, this integration enhanced the functionality of USDT in the TON ecosystem. Coingecko data shows that the USDT stablecoin had the highest market share in terms of market capitalization and circulation.
TockenPocket revealed that the multi-chain decentralized wallet served over 20 million users from more than 200 countries in different regions. In addition to TON, the TokenPocket wallet supported public chains, including Polkadot, TRON, Solana, and all EVM-compatible chains, among others.
Tether prioritizes community-driven blockchain support
Tether Provides an Update on Prioritizing Community Preferences for Blockchain Support in Strategic Shift
Road More: https://t.co/Li1SJS92IK
— Tether (@Tether_to) July 11, 2024
According to the stablecoin issuer, input from communities is important for decision-making, especially when it comes to the deployment of Tether tokens on specific networks. The stablecoin issuer disclosed that decisions to support a blockchain are based on customer support, network security, regulatory compliance, and regulatory oversight to ensure sustainability, safety, and usability.
The stablecoin issuer revealed another key factor considered when deciding to introduce USDT to a particular blockchain, which is the community’s level of interest. The stablecoin issuer also confirmed that support was withdrawn for blockchains lacking traction for long periods without signs of recovery.
According to Tether CEO Paolo Ardoino, the stablecoin issuer is constantly investing in making the USDT stablecoin ecosystem safer. Ardoino disclosed that he and Tether’s head of economics, Philip Gradwell, continuously researched and published objective and transparent reports reflecting the global application of USDT.
Notably, the USDT issuer confirmed that it had ceased supporting the implementation of SLP, Omni, and Kusama late last year and again discontinued support for Algorand’s and EOS’s implementation earlier this year.
According to graphic designer Pix, there were 500 million USDT tokens in circulation on the TON ecosystem as of July 25. TON revealed that this was the fastest increase in circulated USDT in its ecosystem’s entire history.
Tether boosts cross-border transactions through partnerships
The TokenPocket team alerted users that they could now create and import their TON wallets on TokenPocket and enjoy a smooth ‘swap and bridge experience on the trade page.’ Tether, on the other hand, affirmed that it was focused on allocating resources wherever they best-enhanced efficiency and security while supporting innovation in the crypto space.
The stablecoin issuer released a statement on May 16 announcing a collaboration between the mobile payment app Oobit and the TON Foundation. The stablecoin issuer launched USDT and XAUT on the TON network to offer users convenient, seamless, and cost-effective transaction options. The partnership between the three institutions is aimed at advancing the ‘crypto payment landscape,’ explained Tether.
“Together, we’re accelerating toward our vision of putting crypto in every pocket and driving mass adoption globally.”
–Victor Mendes, Head of Business Development at Wallet
According to Tether, Oobit ensured that businesses received fiat currency even from payments made using crypto (USDT). Tether further pointed out that the integration expanded crypto use as a means of payment. Oobit, on its part, claimed to empower the shared vision by using its tap-and-pay feature to drive global crypto adoption.
