Tether USDT Stablecoin Unveils on TON Blockchain
The USDT stablecoin issuer Tether announced stronger ties with Telegram’s Web3 ecosystem, allowing the unveiling of dollar-pegged USDT and gold-backed XAUT on the TON blockchain. The Paolo Ardoino-led company welcomed the stronger operating ties with The Open Network (TON).
Tether Operations revealed the initiative on Friday, April 19, announcing that it was launching the US dollar-pegged USDT stablecoin alongside the Tether Gold (XAUT) on the TON blockchain.
Tether USDT is Live on TON
The announcement of USDT and XAUT going live on TON coincided with Tether’s chief and Telegram’s founder, Pavel Durov, delivering keynote speeches. The two executives were featured in the Token2049 event hosted in Dubai.
The Token2049 offered a critical platform for Tether to announce restructuring and introduce business divisions. Tether added Power, Edu, Finance, and Data as it embarks on a broader mission.
Ardoino acknowledged that TON and Tether share the vision of delivering open and decentralized internet alongside the borderless financial system. The executive added that launching XAUT and USDT on the TON blockchain will yield seamless value transfer.
The stronger Tether-Ton ties will yield activity and liquidity, blending with reputable financial experience and matching the traditional financial (TradFi) ecosystem offers.
Tether’s USDT and XAUT Available on TON
The USDT-TON alliance is a critical milestone for Tether’s pursuit of expanded scope. The USDT has recently expanded its presence across multiple blockchains to a cumulative coverage of 15, Ethereum, and Ton.
Tether’s onboarding of USDT and XAUT on the TON network coincides with the latter’s overtaking Dogecoin (DOGE) to rank ninth-largest crypto by market value of $$25.024 billion as per CoinGecko data.
Adding the TON blockchain to its coverage is a win, given that it works with Telegram. It yields the potential to offer a simple and borderless experience in peer-to-peer payments for the user base that currently estimates over 900 million.
TON Foundation’s marketing executive, Jack Booth, hailed the USDT and XAUT launch on the blockchain ecosystem. He illustrated that tether will reap benefits since the ecosystem facilitates fiat-crypto transfers.
Booth illustrated that the TON team is on the path to realizing its ambitions to wrestle traditional finance in ease of usage and efficiency. The marketing head added that TON features built-in on-ramps for the fiat besides the soon-to-launch off-ramps focusing on bank cards and accounts.
Booth indicated that unveiling off-ramps is a pioneering development allowing mass audiences to utilize crypto infrastructure to execute global payments.
Tethers Expands Coverage on TON Blockchain
USDT’s unveiling on the TON blockchain does not constitute the initial intersection of the two ecosystems. Since last year, USDT has been among the default crypto on Wallet, in addition to Bitcoin and Toncoin (TON). Wallet involves a custodial wallet accessible to the Telegram users.
Tron network has been the default blockchain for the USDT on the third-party custodial platform Wallet that facilitates TRC-20 USDT. Wallet’s chief operating executive, Halil Mirakhmed, reiterated that users can utilize the TON-based USDT besides the TRC20 USDT on Wallet.
The Tron blockchain has the largest share of the USDT issued per the Tether data. The USDT launch on TON comes weeks after the Ardoino-led Tether introduced the recovery tool in March 2024, facilitating the migration of USDT in multiple blockchains. It marks a critical milestone for Tether’s USDT stablecoin last month, it realized over $100 billion market value to cement its position as the largest crypto in trading volume.
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