Tether Issues $60 Million on The Open Network (TON) – A Game-Changer for Cross-Border Payments
Tether Makes a Splash on The Open Network, Issuing $60 Million in USDT in Just Two Days
The world’s leading stablecoin issuer, Tether, has wasted no time in making its mark on The Open Network (TON) after integrating with the blockchain on April 19th. In just two days, Tether has issued an impressive $60 million worth of USDT on TON, making it the 11th blockchain to host the popular stablecoin.
The collaboration between Tether and TON was announced at the Token2049 conference in Dubai, where Tether also launched Tether Gold (XAUT) on the network. This gold-pegged stablecoin offers users additional diversification options and further expands Tether’s reach in the cryptocurrency market.
Tether CEO Paolo Ardoino expressed his optimism about the partnership, stating that it was a “great start” with an initial issuance of $35 million. The Tether Transparency report confirms that the figure has now grown to $60 million, showcasing the rapid adoption of Tether on TON.
One of the most significant implications of Tether’s integration with TON is the ability for Telegram users to make instant and free cross-border payments. Users will be able to send payments without the need for a blockchain address or separate apps, making the process as simple as sending a direct message on the platform.
Additionally, Tether on TON offers seamless integration with fiat currencies, allowing users to easily convert their Tether back to fiat and withdraw it directly to their bank accounts or cards. This feature is expected to further enhance the usability and accessibility of Tether on the network.
While TON is a new addition to Tether’s network, the stablecoin issuer still maintains a dominant presence on the Tron network, with over $57.8 billion worth of USDT. Ethereum, once the leader, now holds $51 billion, reflecting a shift as Tether seeks to avoid Ethereum’s high network fees. Solana is the third-largest Tether host with $1.9 billion.
Tether currently holds a staggering 69% share of the stablecoin market, valued at approximately $159.5 billion according to CoinGecko. Its closest competitor, Circle’s USD Coin (USDC), holds a 21% share with $33.7 billion in circulation.
While TON’s price initially spiked 22% on the Tether announcement, it has since returned to previous levels. At the time of writing, Toncoin is trading down 1.1% at $6.15, but the future looks bright for Tether’s expansion on the network.
