In a fresh development, Tether, the major stablecoin firm, has extended its backing for USDT stablecoin on the TON network, according to insiders. The heads of Telegram and Tether revealed plans for USDT issuance on The Open Network (TON) blockchain at the TOKEN2049 event.

The official Tether website now displays USDT compatibility with the TON blockchain, alongside EURT, CHNT, XAUT, and MXNT. Paolo Ardoino, Tether's CEO, confirmed that USDT will debut on TON on April 20. Initially, $10 million worth of USDT will be authorized on the TON network, with an initial $3 million issuance.

TON made waves recently by hinting at a significant announcement in collaboration with Tether, igniting anticipation within the crypto community. The project teased the news with an image featuring logos of key players like Tether, STON.fi, Tonstakers, and Fanzee Labs, sparking speculation about potential partnerships.

Toncoin experienced a notable surge of 15% in the past day, reaching highs of $7.18 after hitting a low of $6.04. Trading volume spiked by over 90%, indicating heightened interest among traders in light of the forthcoming announcement.

In summary, Tether's expansion to the TON blockchain signals a significant milestone in the cryptocurrency realm, driving excitement and speculation within the community while propelling Toncoin to new heights.