Tether Expands with $60 Million USDT Issuance on TON

Tether (USDT) has issued $60 million worth of its stablecoin on The Open Network (TON) since April 19, making TON the 11th largest blockchain for Tether. The collaboration between Tether and TON enables instant and free cross-border payments for Telegram's 900 million users, leveraging TON's user-friendly interface and global reach.

Tether Expands Presence with $60 Million USDT Issuance on The Open Network

Dubai, April 22, 2023 - Stablecoin issuer Tether has significantly expanded its reach by issuing $60 million worth of its USDT stablecoin on The Open Network (TON), making it the eleventh-largest blockchain for USDT out of sixteen.

This collaboration, announced at the Token2049 crypto conference in Dubai on April 19, enables Tether to be minted on TON, providing users with a fast, cost-effective, and easy-to-use platform for cross-border payments.

"We are thrilled to partner with the TON Foundation and offer our users the benefits of Tether on TON," said Paolo Ardoino, CEO of Tether. "The initial issuance of $35 million USDT on TON was a great start, and we have already seen significant growth in the circulating supply."

TON's decentralized architecture allows for instant and free cross-border payments, accessible to Telegram's 900 million users with the ease of sending a text message. Users can make transfers directly between platform users without the need for blockchain addresses or additional app downloads.

"The integration of Tether on TON is a testament to our commitment to providing our users with a seamless and secure experience," said a spokesperson for TON. "We believe that Tether's stability and wide acceptance will significantly enhance the utility of TON."

USDT on TON will be accompanied by fully integrated on-ramps from most major fiat currencies globally, allowing users to easily convert fiat into USDT and vice versa. The integration of global off-ramps in the near future will enable users to withdraw supported fiat currencies directly to bank accounts or cards.

While the majority of Tether's circulating supply remains on the Tron (TRX) network ($57.8 billion), the issuance of USDT on TON and other blockchains highlights Tether's commitment to diversifying its presence and addressing the high network fees associated with Ethereum.

Solana is the third largest network supporting Tether, with $1.9 billion USDT issued. USDT has also been issued on Avalanche, Omni, Cosmos, Tezos, Near, EOS, Celo, and other blockchains.

With a market share of 69%, Tether dominates the stablecoin market, which has a total capitalization of approximately $159.5 billion. Circle's USD Coin (USDC), with a market share of 21%, is Tether's closest competitor.

The announcement of Tether's collaboration with TON was met with a 22% spike in the price of Toncoin (TON), the native cryptocurrency of the TON blockchain. However, the asset quickly returned to previous levels and is currently trading at $6.13, down 1.6% on the day.

This expansion of Tether's presence on TON underscores the growing adoption of stablecoins and the increasing importance of cross-border payment solutions that are fast, cost-effective, and accessible.