Tether (USDT), the leading stablecoin globally, has swiftly initiated its presence on The Open Network (TON), with a total of $60 million USDT already issued on the blockchain.

The collaboration between Tether and the TON Foundation was unveiled just two days prior at the Token2049 event in Dubai.

USDT's Successful Launch on TON

The issuance of $60 million USDT on The Open Network (TON) marks a remarkable start, propelling the blockchain to become the 11th largest among the 16 supporting USDT blockchains. The announcement of Tether's partnership with the TON Foundation took place during the Token2049 conference in Dubai. Additionally, Tether revealed plans to introduce the gold-backed Tether Gold (XAUT) stablecoin on TON. Tether CEO Paolo Ardoino expressed his enthusiasm for the collaboration, initially citing $35 million USDT issued, which has since been updated to $60 million according to the Tether Transparency Report.

The integration carries significant implications for Telegram users, enabling them to access instant and fee-free cross-border payments with USDT now available on TON. Furthermore, the integration facilitates payment transfers without the need for blockchain addresses or separate app downloads. Telegram asserts that this integration will simplify money transfers, akin to sending a direct message.

Seamless Integration with Major Fiat Currencies

USDT on TON will seamlessly integrate with major fiat currencies, facilitating easy onboarding from these currencies at launch. Plans for off-ramping functionalities are also underway, allowing users to convert USDT back to their preferred fiat currency and withdraw it to their bank account or card. Despite TON's recent integration, a significant portion of USDT's $109.8 billion circulating supply remains on the Tron Network, which currently holds approximately $57 billion worth of USDT. Ethereum holds around $51 billion worth of USDT, experiencing a decrease as Tether seeks to distance itself from Ethereum's high network fees. Meanwhile, Solana ranks as the third largest, with $1.9 billion worth of USDT on its network.

Tether Dominates Stablecoin Market

USDT maintains its dominance in the stablecoin market, holding a commanding 69% share, with a total value of approximately $159.5 billion, as per CoinGecko data. Tether's closest competitor, Circle's USD Coin (USDC), holds a market share of around 21%, with $33 billion worth of USDC in circulation. In response to the announcement, the price of Toncoin (TON) initially surged by 22% but subsequently reverted to previous levels. Presently, TON is trading at $6.16, reflecting a 1.59% decrease over the past 24 hours.

Disclaimer: This article serves informational purposes only and does not constitute legal, tax, investment, financial, or other advice.