Tether Expands USDT and XAUT Stablecoins onto TON Blockchain, Mints $11 Billion Since March
Tether Expands USDT and XAUT Stablecoins onto TON Blockchain, Mints $11 Billion Since March
Stablecoin issuer Tether has confirmed its expansion of US dollar-backed USDT and gold-backed XAUT stablecoins onto The Open Network (TON) blockchain, in a move aimed at enhancing the utilization of stablecoins for cross-border and peer-to-peer transactions among the 900 million users of the TON-related Telegram messaging application.
According to Tether, this integration is set to boost activity and liquidity on TON, simplifying access to capital for developers and users across various use cases while offering benefits for users by allowing them to hold and move USDt with their TON wallet. Tether’s CEO, Paolo Ardoino, expressed his support for this initiative, stating that it aligns with the company’s goal of powering open financial infrastructure across the blockchain space.
TON, a rapidly growing decentralized layer-1 blockchain associated with the crypto-friendly messaging platform Telegram, has seen its native token, Toncoin, surge approximately 135% over the past year to secure a position among the top 10 digital assets by market capitalization.
The integration with TON comes on the heels of a significant surge in USDT stablecoin minting by Tether. According to reports, Tether has minted a substantial $10 billion USDT since March 1, with an additional $1 billion USDT minted from Tether’s Treasury today, bringing the total minted since March 1 to $11 billion. Ardoino explained that the primary objective of this minting spree was to bolster reserves in anticipation of increased demand for the stablecoin.
Tether, the largest stablecoin in the crypto market, is currently available across 15 blockchain networks, including Ethereum, Tron, Solana, and others. The stablecoin has a circulating supply of approximately $109.5 billion and a total supply of approximately $114 billion, according to the firm’s transparency page.
