Since its support for the blockchain on April 19, Tether has issued $60 million worth of USDT on The Open Network (TON), ranking it as the 11th largest blockchain for Tether out of 16.
At the Token2049 crypto conference in Dubai on April 19, Tether announced a partnership with the TON Foundation, enabling the minting of Tether on TON. Additionally, Tether Gold (XAUT) stablecoin has been launched on the network.
According to The Open Network team, cross-border payments are instant, free, and as simple as sending a text message to Telegram’s 900 million users.
Paolo Ardoino, Tether CEO, hailed the collaboration’s “great start,” noting $35 million USDT issuance on TON initially.
Users can freely and instantly transfer USDT between all Telegram platform users via direct messages, without needing blockchain addresses or additional app downloads. Fully integrated on-ramps and off-ramps for various fiat currencies globally are planned.
While Tether’s circulating supply is predominantly on the Tron network ($57.8 billion) and Ethereum ($51 billion), the stablecoin has been deployed on Solana, Avalanche, Omni, Cosmos, Tezos, Near, EOS, Celo, among others.
Tether commands a 69% market share of the stablecoin market capitalization, totaling around $159.5 billion, per CoinGecko. Its closest competitor, Circle’s USD Coin (USDC), holds a 21% market share with $33.7 billion in circulation.
Toncoin (TON) experienced a 22% price surge following the announcement but quickly reverted to previous levels. At the time of writing, it is trading down 1.6% at $6.13, according to CoinGecko.
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