Key Points:

  • Tether expands onto the TON blockchain, introducing USDT and XAUT stablecoins.

  • $10 million USDT on TON blockchain authorized, enhancing peer-to-peer payments for Telegram's 900 million users.

  • Tether's move signifies growth for both platforms, sparking community excitement and potential collaborations.

Tether, the company responsible for the widely-used USDT stablecoin with a market cap of $108 billion, has announced its expansion onto The Open Network (TON), an adjacent blockchain to the popular messaging app Telegram. This move includes both the dollar-pegged stablecoin and its gold-backed counterpart XAUT.

USDT on TON Blockchain is Coming Soon

According to Tether's website, $10 million worth of USDT on TON blockchain has been authorized, with $3 million already issued. Alongside USDT, other stablecoins such as EURT, CHNT, XAUT, and MXNT are also listed on Tether's transparency page.

Paolo Ardoino, the CEO of Tether, confirmed that USDT on TON blockchain will be available on April 20, aiming to facilitate borderless peer-to-peer payments among Telegram's vast user base, estimated to be around 900 million globally. This expansion is expected to enhance the TON ecosystem, offering users opportunities to utilize stablecoins in decentralized finance (DeFi) applications.

Growth Milestones and Community Buzz

This development marks a significant milestone for Tether, expanding its presence to 15 blockchains, including Tron and Ethereum. Additionally, for the TON network, which recently surpassed Dogecoin to become the ninth-largest blockchain and cryptocurrency by market value, this move signifies further growth and adoption.

TON recently hinted at a major announcement in collaboration with Tether, leading to excitement and speculation within the cryptocurrency community. The project also teased potential partnerships with other notable projects like STON.fi, Tonstakers, and Fanzee Labs.

While Toncoin's price surged over 12% in the last 24 hours, it's worth noting that it is not available for users in the United States.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.