Following Tether's recent announcement on April 19 regarding the integration of its USDT stablecoin into the TON blockchain network, there has been substantial issuance activity. Reports indicate that over $60 million worth of USDT has been issued on TON, positioning it as the 11th largest blockchain for Tether.

At the Token2049 crypto conference in Dubai last week, Tether disclosed its partnership with the TON Foundation, enabling the minting of USDT stablecoin on the TON blockchain. In addition to USDT, Tether also introduced its gold-backed stablecoin, Tether Gold (XAUT), on TON.

The Open Network team highlighted on X that cross-border payments were seamless, free, and instant, likening the process to sending a text message to Telegram's extensive user base of 900 million individuals.

Paolo Ardoino, CEO of Tether, noted in an April 21 post on X that the venture had a promising start, with $35 million USDT issued on TON. However, according to the Tether Transparency report, the authorized supply on TON expanded to $60 million by 11:30 pm UTC on April 21.

The Collaboration Between Tether and TON

This collaboration facilitates Telegram users to freely transfer their USDT across all platforms almost instantly. Telegram stated, "All you need to do is send a DM, no need for a blockchain address, and no need to download a new app."

USDT on the TON Network is seamlessly integrated with on-ramps from various global fiat currencies. Furthermore, global off-ramps will soon enable users to withdraw supported fiat currencies directly to their cards or banks.

Currently, over 50% of Tether's circulating supply is on the Tron blockchain. The circulation of USDT on Ethereum has decreased to $51 billion as more Tether is utilized on alternative blockchains to mitigate high network fees on Ethereum.

Solana ranks as the third-largest network accommodating Tether, with a total issuance of $1.9 billion. Additionally, the stablecoin has been deployed on various other blockchains such as Avalanche, Omni, Cosmos, Tezos, Near, EOS, and Celo.

Tether currently holds a 69% share in the entire stablecoin market, while its closest competitor, Circle, has a market share of 21%. Tether's expansion into the TON blockchain demonstrates its efforts to reduce concentration from two major players.