Tether Issues $60M on TON, A Great Start: CEO Says

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Tether, the firm behind the leading stablecoin USDT, has made a significant move by issuing $60 million worth of USDT on The Open Network (TON) since April 19, making it the 11th largest blockchain for Tether out of 16 supported blockchains.

This development follows Tether’s collaboration announcement with the TON Foundation at the Token2049 crypto conference in Dubai. The partnership signals a pivotal moment for both Tether and TON, introducing the stablecoin to Telegram’s vast user base of 900 million.

Tether Partners with TON Foundation

Tether CEO Paolo Ardoino expressed satisfaction with the progress, stating that they had made a “great start” with $35 million USDT issued on TON. However, the authorized supply has since grown to $60 million, as per the latest Tether Transparency report.

One of the key features highlighted by the TON team is the instant, free, and user-friendly nature of cross-border payments, compared to sending a text message. This accessibility is expected to facilitate seamless transactions among Telegram users.

Fully Integrated On-Ramps

Moreover, Tether’s integration on TON includes fully integrated on-ramps from various fiat currencies globally, simplifying the process of acquiring USDT. Additionally, plans for integrated global off-ramps will allow users to withdraw supported fiat currencies directly to their bank accounts or cards.

Despite TON’s emergence as a new blockchain for Tether, the majority of Tether’s circulating supply remains on the Tron network, followed closely by Ethereum. However, the increasing deployment of Tether on various blockchains aims to alleviate the high network fees on Ethereum.

Tether USD Deployed on Several Other Blockchains

Besides TON, Tether has been deployed on several other prominent blockchains, including Solana, Avalanche, Omni, Cosmos, Tezos, Near, EOS, and Celo. 

Tether’s dominance in the stablecoin market is evident, with a market share of 69% of the entire stablecoin market capitalization, estimated at around $159.5 billion according to CoinMarketCap.

It is important to note that Tether is also entering new industries, recently announcing plans to launch a new arm that will be focused on providing courses, workshops, and other resources for skill development in blockchain technology.

TON Price Action

In response to the Tether-TON collaboration, Toncoin (TON) prices initially surged by 22% but quickly stabilized. As of writing, TON is trading down 0.48% on the day at $6.19, according to CoinMarketCap data.

The issuance of USDT on TON signifies a significant milestone for both the stablecoin firm and TON, underscoring the growing importance of stablecoins in facilitating efficient and cost-effective transactions within the cryptocurrency ecosystem.

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