The TON Foundation has unveiled a new initiative aimed at collaborating with Tether.

As per a recent announcement, 11 million Toncoin (TON) will be allocated to incentivize early adopters of USDT within the TON network. The objective of this campaign is to foster the use of the stablecoin in the online sphere.

"USDt on TON will be accompanied by fully integrated on-ramps from most fiat currencies globally at launch. Soon, integrated global off-ramps will enable users to withdraw supported fiat currencies directly to bank accounts or cards," stated the TON Foundation.

The TON Foundation team disclosed that five million TON will be set aside to enhance rewards within the liquidity pools of decentralized platforms DeDust and STON.fi. Additionally, another five million tokens will be distributed to users who utilize USDT to participate in the Wallet’s Earn campaign.

Furthermore, 1.2 million Toncoin tokens will be provided to facilitate commission-free fund withdrawals through centralized TON partner exchanges. This allows users to acquire USDT or any other blockchain-based asset and transfer it to TON without incurring any fees.

According to data from CoinMarketCap, the price of Toncoin surged to $7.21 earlier in the day but has since declined to $6.43 per coin at the time of reporting. Its market capitalization stands at $22.3 billion.

TON experienced a notable downturn following an announcement by Telegram Founder Pavel Durov, who revealed plans to tokenize stickers within the messenger. Under this system, sticker creators will receive 95% of the income generated from sales facilitated through the TON blockchain.