In recent times, developments on the Open Network (TON) platform have garnered significant attention within the cryptocurrency sphere. Led by Tether, the introduction of support on the TON Blockchain on April 19 led to the issuance of $60 million worth of Tether. However, it's essential to note that this positive advancement did not have a direct impact on the price of the TON digital currency.

TON Network Rises as the 11th Largest Blockchain

Following this move, TON has become the 11th largest blockchain that supports a stablecoin among 16 blockchains currently backing Tether. The announcement of the strategic collaboration between the TON Foundation and the stablecoin issuer took place at the Token2049 crypto conference in Dubai. In addition to Tether, the introduction of the gold-backed Tether Gold (XAUT) stablecoin on the TON Blockchain represents a significant step towards enhancing diversity within TON's financial ecosystem for users.

Platform Benefits

One of the standout features of the platform is its capability to enable instant and free cross-border payments as easily as sending a brief message through Telegram's extensive user base. This development underscores a heightened level of global accessibility within the digital currency realm. Tether CEO Paolo Ardoino highlighted the successful progress marked by the issuance of 35 million USDT on TON in the early stages of the partnership.

Despite these advancements on TON, it's vital to acknowledge that a substantial portion of Tether's overall supply remains on the Tron network. Given Tether's substantial market value positioning just behind Ethereum in the cryptocurrency market, these initiatives on TON have the potential to significantly influence digital assets.

What's the Price of Toncoin?

The growing demand for Tether on TON and the associated platform benefits present important developments in the cryptocurrency realm. While their impact on prices is yet to be fully determined, recent short-term fluctuations in the price of Toncoin reveal how the market is responding to these breakthroughs. According to the latest data, Toncoin is currently being traded at $5.47, marking a 6.6% decrease.

Overall, these recent innovations underscore the dynamic and rapidly evolving nature of the cryptocurrency market. TON's backing of Tether could serve as a vital stride towards future cryptocurrency adoption and usage.