Tether, the company behind the USDT# stablecoin, has announced its expansion onto The Open Network (TON) blockchain, introducing USDT and XAUT stablecoins.
The move aims to facilitate borderless peer-to-peer payments among Telegram's vast user base, estimated to be around 900 million globally. $10 million worth of USDT on TON blockchain has been authorized, with $3 million already issued. This development signifies growth for both platforms, sparking community excitement and potential collaborations.
Tether's CEO, Paolo Ardoino, confirmed that USDT on TON blockchain will be available on April 20. The expansion is expected to enhance the TON ecosystem, offering users opportunities to use stablecoins in decentralized finance (DeFi) applications. This development marks a significant milestone for Tether, expanding its presence to 15 blockchains, including Tron and Ethereum. For the TON network, this move signifies further growth and adoption, which recently surpassed Dogecoin to become the ninth-largest blockchain and cryptocurrency by market value.
TON recently hinted at a major announcement in collaboration with Tether, leading to excitement and speculation within the cryptocurrency community.
