$60 Million USDT Issued on TON Platform Since Tether Integration
Summary:
Since partnering with The Open Network (TON) on April 19, Tether (USDT) has issued $60 million worth of USDT on the platform, making TON the 11th largest blockchain host for USDT. This integration enables Telegram's 900 million users to conveniently transfer funds using direct messaging. The launch also included globally integrated on-ramps for all users to convert between most fiat currencies and fully implemented off-ramps to withdraw fiat currencies directly into bank accounts or cards. However, the largest proportion of the Tether's circulating supply is still on the Tron network.
Since its integration with The Open Network (TON) on April 19th, Tether (USDT) worth $60 million has been issued, placing TON as the 11th largest blockchain host for the stablecoin out of 16. The integration was announced at the Token2049 crypto conference in Dubai as part of a partnership between the Tether and TON Foundations. Alongside the issuance of USDT, the Tether Gold (XAUT) stablecoin, which is pegged to gold, was also launched on TON.
According to the team running The Open Network, their global community of 900 million Telegram users can now enjoy free, instant cross-border payments that are just as simple as sending a text message. Tether's CEO, Paolo Ardoino, highlighted what he considered a promising start, with $35 million USDT initially issued on TON, which later increased to $60 million as confirmed by the latest Tether Transparency report.
As a result of this partnership, Telegram users can freely transfer funds to other users on the platform. A major convenience factor introduced is the ability to simply use direct messaging without needing a blockchain address or any additional app. Upon the launch of USDT on TON, there will be a widely integrated on-ramp for most global fiat currencies. Future developments include plans for a global off-ramp to enable users to withdraw any supported fiat currency directly into bank accounts or cards.
However, the largest part of Tether's $109.8 billion circulating supply lies with the Tron (TRX) network, which hosts $57.8 billion. Ethereum holds $51 billion USDT, but this figure continues declining due to significant deployments of Tether on various blockchains aimed at decreasing high network fees on Ethereum.
Beyond Tron, Ethereum, and TON, Solana ranks third as a Tether supporting network with $1.9 billion USDT issued. Other networks such as Avalanche, Omni, Cosmos, Tezos, Near, EOS, and Celo also support issuance of the stablecoin.
Currently, Tether's market share in the stablecoin market capitalization sphere is 69%, equivalent to approximately $159.5 billion. Its leading competitor Circle claims a 21% market share with its stablecoin USD Coin (USDC), boasting a circulation of $33.7 billion. The announcement of Tether's integration led to a temporary 22% surge in the price of Toncoin (TON), before it reverted back to previous levels. At the time of report, the price of TON recorded a 1.6% depreciation, trading at $6.13.
Published At
4/22/2024 6:37:43 AM
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