Tether Operations, the company behind the world’s leading stablecoin Tether (USDT), announced today the launch of both USDT and its gold-pegged cousin, Tether Gold (XAUT), on The Open Network (TON). This integration marks Tether’s expansion to its 15th blockchain platform and unlocks a vast new user base for Tether’s stablecoins.
USDT and XAUT Open Up a World of Possibilities for Telegram Users
With over 900 million users strong, Telegram boasts a massive userbase primed for the integration of Tether’s stablecoins. This move opens doors for seamless peer-to-peer transactions using USDT and XAUT on TON’s blockchain. Additionally, TON’s growing ecosystem of decentralized applications (dApps) will now benefit from the stability and utility offered by Tether’s tokens.
Tether CEO Emphasizes Shared Vision of Open Finance
Commenting on the launch, Paolo Ardoino, CEO of Tether, highlighted the shared vision between Tether and TON: “We’re excited to bring USD₮ and XAU₮ to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system.” Ardoino further elaborated on the potential benefits for users, stating, “The launch will allow seamless value transfer, increasing activity and liquidity while offering users a financial experience that can match those found in the traditional financial system.” This integration aligns perfectly with Tether’s mission of powering open financial infrastructure across the blockchain landscape.
Also Read: Toncoin (TON) defies market blues: 17% surge propels it past Dogecoin, eyes top 10
TON’s Rising Star and Tether’s Dominance
The Open Network has witnessed a surge in its total value locked (TVL) recently, with DefiLlama reporting a staggering 322% growth in the last 30 days, pushing its TVL close to $165 million. This rising tide coincides with Tether’s unwavering dominance in the stablecoin market. CoinGecko data reveals that USDT reigns supreme with a market share exceeding $108 billion, capturing over 70% of the entire stablecoin market.
Tether’s Continued Expansion
Tether’s integration with TON builds upon its existing presence on a diverse range of blockchains. USDT is already live on 14 other networks, including established players like Ethereum, Solana, and Avalanche, alongside newer platforms like Algorand and Near. This multi-chain strategy positions Tether as a ubiquitous force in the ever-evolving world of decentralized finance.
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