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Tether and TON Foundation announced their partnership at the Token2049 event in Dubai. Sixty million USDT has already been issued on the blockchain.
Tether has issued 60 million worth of Tether on The Open Network (TON) since its support began on April 19, making it the 11th-largest blockchain for Tether among the 16 currently supporting the stablecoin.
The Story Goes Back To April 2019
Tether Stablecoin has teamed up with TON Foundation for minting Tether on TON. Tether Gold (XAUT) has been launched on TON. Cross-border payments are instant and free for Telegram users. Tether CEO Paolo Ardoino said 35 million USDT was issued on TON.
We are making history!
— andrew.ton (@rogozov) April 19, 2024
TON + Telegram + Tether 🔥 pic.twitter.com/VXz4vljUHt
However, per the Tether Transparency report, the authorized supply issued on TON has grown to 60 million as of 11:30 pm UTC on April 21.
The TON Foundation and Tether issuer announced the initiative at the Token2049 crypto conference in Dubai. They have also announced emphasizing its efficiency in cross-border payments.
The Introduction of Tether Gold
Tether launched Tether Gold (XAUT) stablecoin on the TON blockchain. Within the first two days, 35 million USDT was issued on TON. The integration with Telegram allows users to send money seamlessly through direct messages without needing blockchain addresses or additional applications.
The platform fully supports on-ramps for most global fiat currencies at launch, and the plan is to introduce global off-ramps that will facilitate withdrawals directly to bank accounts or cards.
Tron Network Holds Majority of Circulating Supply
Despite these developments on TON, the Tron network hosts most of Tether’s 109.8 billion circulating supply, which amounts to 57.8 billion. Ethereum follows with 51 billion in circulation, although this figure has decreased as Tether expands to other blockchains to mitigate high network fees associated with Ethereum.
At launch, USDT on TON will be supported by fully integrated on-ramps from most fiat currencies globally. The company added that integrated global off-ramps will soon allow users to withdraw supported fiat currencies directly to bank accounts or cards.
Other blockchains supporting Tether include Solana, which ranks third with 1.9 billion issued, and several others, such as Avalanche, Omni, Cosmos, Tezos, Near, EOS, and Celo.
Tether maintains a dominant position in the broader stablecoin market, with a 69% market share of the total $159.5 Billion stablecoin market capitalization, as per data from CoinGecko. Circle’s USD Coin holds the nearest competitor position with a 21% market share, amounting to 33.7 billion in circulation.
Summary
Tether has announced its collaboration with the TON Foundation at the Token2049 crypto conference in Dubai. The stablecoin issuer has also launched Tether Gold (XAUT) stablecoin on TON. The authorized supply issued on TON has grown more than $60 Million.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos, or other related indexes comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
