Tether Expands Stablecoin Empire to TON Blockchain for Enhanced Financial Inclusion and Innovation

Tether, the issuer of the largest stablecoin USDT, has expanded its reach by issuing $60 million USDT on The Open Network (TON) blockchain. This collaboration with TON enables Telegram's 900 million users to make instant and free transfers via direct messages. Tether also launched its gold-pegged stablecoin, Tether Gold (XAUT), on the TON network, aiming to provide users with a financial experience comparable to that of the traditional financial system.

Tether Expands Stablecoin Reach to The Open Network (TON) Blockchain

Dubai, United Arab Emirates - Tether, the issuer of the world's leading stablecoin, USDT, has extended its global influence by launching $60 million worth of USDT on The Open Network (TON) blockchain.

TON Adoption Bolsters Tether's Network Footprint

This strategic move, unveiled at the Token2049 conference in Dubai, places TON as the eleventh blockchain to embrace Tether, joining an esteemed group of 16 supporting networks. The integration with TON empowers Telegram's extensive user base of 900 million individuals to seamlessly and instantaneously transmit funds via direct messaging.

Gold-Pegged Stability on TON

Expanding its stablecoin offerings on TON, Tether has also introduced Tether Gold (XAUT), a gold-pegged stablecoin. This move aims to provide users with a financial experience akin to the traditional financial system, combining the stability of gold with the innovative capabilities of blockchain technology.

Supply Distribution and Network Diversification

Despite the issuance of USDT on TON, the majority of Tether's colossal $109.8 billion in circulation remains on other networks. Tron dominates with $57.8 billion USDT, followed by Ethereum with $51 billion. Solana holds the third position with $1.9 billion USDT in circulation. Tether's strategic diversification across multiple blockchains seeks to mitigate the high network fees associated with Ethereum.

Fostering TON Ecosystem Growth

Tether's expansion onto TON is poised to accelerate the rapidly developing TON ecosystem. Users will gain access to stablecoins within decentralized finance (DeFi) applications, enhancing network activity and liquidity. TON has witnessed remarkable growth, with incentives for Telegram user onboarding propelling monthly active addresses from under 100,000 to over 1.7 million within six months.

Driving Financial Inclusion and Innovation

Tether CEO Paolo Ardoino has highlighted the significance of this collaboration, aligning with the company's mission of powering open financial infrastructure across the blockchain landscape. The launch of USDT and XAUT on TON is expected to streamline value transfer, augment network activity and liquidity, and offer users a financial experience comparable to that of traditional financial systems.

Facilitating Ease of Access

To further encourage TON adoption, Ramp Network, a fintech bridge between crypto and traditional banking rails, has announced plans to facilitate purchases and withdrawals of USDT on TON. Initially, this integration will focus on on-ramping from fiat currencies, with off-ramp capabilities to be added in the future.

Revolutionizing Value Transfer

The potential to tap into Telegram's vast user base makes this collaboration instrumental in driving the widespread adoption of digital assets. It paves the way for a revolution in cross-border value transfer, transforming the global financial landscape.