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Tether’s Integration with The Open Network (TON)
The world’s leading stablecoin issuer Tether has recently integrated with The Open Network (TON), marking a significant milestone in the blockchain industry. This integration has opened up new possibilities for Tether and its users, with $60 million worth of USDT already issued since the collaboration began on April 19th.
Tether Expands its Reach
TON now becomes the 11th blockchain to host Tether, showcasing the stablecoin’s commitment to expanding its reach and providing more options for its users. The partnership between Tether and TON was officially announced at the Token2049 conference in Dubai, where Tether Gold (XAUT) was also launched on the network. This gold-pegged stablecoin offers users additional diversification options, further enhancing Tether’s offerings.
Seamless Payments on Telegram
One of the key implications of Tether’s integration with TON is the seamless payments it enables for Telegram users. This integration allows for instant and free cross-border payments among all platform users, eliminating the need for blockchain addresses or separate payment apps. Sending money on Telegram will now be as easy as sending a direct message, revolutionizing the way users transact.
Integration with Fiat Currencies
Tether on TON also boasts seamless integration with fiat currencies, providing users with easy on-ramping from most global currencies at launch. Off-ramping functionalities are also in the works, allowing users to convert their Tether back to fiat and withdraw it directly to bank accounts or cards, enhancing the usability of the stablecoin.
Tether’s Dominance in the Stablecoin Market
Despite its expansion to TON, Tether’s stronghold remains on the Tron network, where it holds over $57.8 billion worth of USDT. Ethereum, once the dominant host, now holds $51 billion, signaling a shift in Tether’s strategy to reduce network fees. Solana ranks as the third-largest Tether host with $1.9 billion, showcasing the diversification of Tether’s network presence.
Tether currently commands a remarkable 69% share of the stablecoin market, valued at approximately $159.5 billion according to CoinGecko. Its closest competitor, Circle’s USD Coin (USDC), holds a 21% share with $33.7 billion in circulation, highlighting Tether’s significant lead in the market.
Price Impact and Conclusion
Following the Tether announcement, TON’s price initially surged by 22%, although it has since stabilized. At the time of writing, Toncoin is trading slightly down at $6.15, reflecting the market’s response to the integration. The collaboration between Tether and TON marks a promising start, with both projects poised to reshape the landscape of blockchain-based payments and stablecoin usage.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
