Tether, the stablecoin issuer, is planning to expand its US dollar-backed USDT and gold-backed XAUT stablecoins to The Open Network (TON) blockchain. The integration aims to enhance the use of stablecoins for cross-border and peer-to-peer transactions among Telegram's 900 million users.

Tether's move is expected to boost activity and liquidity on TON, making it easier for developers and users to access capital for various use cases. The integration also allows Telegram users to hold and transfer USDT with their TON wallet. Tether's CEO, Paolo Ardoino, confirmed the initiative, stating that it aligns with the company's goal of supporting open financial infrastructure across the blockchain space.

TON is a rapidly growing decentralized layer-1 blockchain, thanks to its association with the crypto-friendly messaging platform Telegram. Toncoin, the network's native token, has shown impressive growth, increasing by approximately 135% over the past year and securing a spot among the top 10 digital assets by market capitalization.

Tether's integration with TON follows a significant surge in USDT stablecoin minting, with $11 billion minted since March 1. Tether's CEO, Paolo Ardoino, explained that the primary objective was to bolster reserves in anticipation of increased demand for the stablecoin. He added that while most minted tokens are authorized, they are not issued immediately, but instead, they remain in Tether's Treasury until demand necessitates their circulation.

Tether is the largest stablecoin in the crypto market, with a circulating supply of approximately $109.5 billion and a total supply of approximately $114 billion. The stablecoin is currently available across 15 blockchain networks, including Ethereum, Tron, Solana, and others.