Follow Us

Tether’s ‘Great Start’ On The TON Blockchain, Says CEO-Now At $60M

Share on facebook
Share on twitter
Share on linkedin


Share on facebook
Share on twitter
Share on linkedin

The company has further announced a collaboration with the TON Foundation to solidify Tether’s dominance in the stablecoin market. This collaboration enables the issuance of Tether (USDT) on The Open Network (TON) blockchain.

Tether CEO Paolo Ardoino said this partnership has already seen a “great start,” with $60 Million worth of USDT issued on TON at 11:30 pm UTC on April 21, 2024.

Tether’s Expansion Into TON

The agreement between Tether and the TON Foundation was announced on April 19 at the Token2049 cryptocurrency conference in Dubai. In addition to USDT, the stablecoin issuer launched the gold-pegged Tether Gold (XAUT) stablecoin on TON.

The Open Network team emphasized the benefits of this integration. They stated that cross-border payments on TON would be instant, accessible, and as easy as sending a text message to Telegram’s 900 million users.

USDT Integration With Telegram

One key advantage of issuing USDT on TON is the seamless integration with Telegram’s messaging platform. 

According to the TON Foundation, Telegram users can now freely and instantly send transfers between all platform users without needing a blockchain address or downloading a new app. All users need to do is send a direct message (DM).

The integration will include fully integrated on-ramps from various global fiat currencies at launch. 

Moreover, integrated global off-ramps will soon allow users to withdraw supported fiat currencies directly to their designated bank accounts or debit/credit cards, streamlining the process for added convenience and accessibility.

Tether’s Dominant Market Position

With $57.8 Billion issued, most of Tether’s $109.8 Billion circulating supply is still on the Tron (TRX) network despite this new integration. Ethereum is next, with $51 Billion USDT in circulation; however, as Tether distributes its stablecoin over multiple blockchains to mitigate high network costs on Ethereum, this amount has been decreasing.

Solana is the third largest network supporting Tether, with $1.9 Billion issued, while the stablecoin has also been issued on Avalanche, Omni, Cosmos, Tezos, Near, EOS, and Celo, among others.

Tether’s Market Dominance In Stablecoins

According to CoinGecko data, Tether’s market share in the stablecoin market capitalization is impressive: 69%, accounting for around $159.5 Billion. Its closest rival, Circle’s USD Coin (USDC), holds a 21% share, with $33.7 Billion in circulation.

Market Reaction & Future Outlook

The integration of Tether with TON initially boosted Toncoin’s price by 22%.

However, prices soon reverted to previous levels, down 1.6% at $6.13 when writing, indicating that the initial excitement may have been short-lived or that market forces influenced the price correction.

Tether’s expansion across multiple blockchains is anticipated to reinforce its dominance in the market. Users now have more alternatives for easy and affordable cross-platform and cross-environment transactions.

Leave a Reply

Your email address will not be published. Required fields are marked *

Download our App for getting faster updates at your fingertips.


We Recommend

Top Rated Cryptocurrency Exchange

Update Required Flash plugin