Tether's Expansion on TON Propels Cross-Border Payments Revolution

Tether's recent launch on The Open Network (TON) has resulted in significant adoption, with over $60 million in transactions. The partnership between Tether and the TON Foundation was announced at Token2049, and Tether Gold (XAUT) has also been launched on TON. This move aims to facilitate instant and free cross-border payments for Telegram's vast user base.

Tether's Expansion on TON Gains Momentum, Revolutionizing Cross-Border Payments

Dubai, United Arab Emirates – April 26, 2023

In a groundbreaking move, Tether, the world's leading stablecoin, has solidified its presence on The Open Network (TON), further expanding its reach in the blockchain ecosystem. Since its launch on April 19, over $60 million worth of Tether has been transacted on TON, propelling it to the eleventh position among the 16 blockchains supporting the stablecoin.

This remarkable achievement was unveiled during the prestigious Token2049 crypto conference in Dubai, where the partnership between Tether's publisher and the TON Foundation received widespread acclaim. The integration of Tether on TON marks a significant advancement, empowering Telegram's vast user base of 900 million with instant, effortless, and cost-free cross-border payments.

Paolo Ardoino, CEO of Tether, expressed his enthusiasm for Tether's "great start" on TON, noting an initial issuance of $35 million USDT that has since surged to $60 million. The strategic partnership eliminates the hurdles of blockchain addresses and additional app downloads, enabling Telegram users to seamlessly initiate transfers with remarkable efficiency.

To facilitate global adoption, the TON platform will introduce ramps for most fiat currencies at launch, paving the way for users to withdraw supported currencies directly to their bank accounts or cards. This feature further enhances the user experience, making Tether more accessible than ever before.

Despite the rapid growth on TON, the majority of Tether's circulating supply, valued at $109.8 billion, remains on the Tron network, holding $57.8 billion. Ethereum ranks second with $51 billion USDT in circulation. The expansion to alternative blockchains, including Solana and Avalanche, is driven in part by the high network costs associated with Ethereum.

Tether maintains its dominance as the market leader in the stablecoin sector, commanding a 69% share of the total market capitalization. Circle's USD Coin trails behind with a 21% share and $33.7 billion in circulation. The announcement of Tether's integration on TON sparked a temporary 22% surge in Toncoin (TON) prices, which have since stabilized.

Experts predict that Tether's presence on TON will revolutionize the way cross-border payments are conducted. Its instant, free, and user-friendly nature has the potential to disrupt the traditional banking sector, offering a more efficient and cost-effective alternative for global remittances.

As Tether continues to expand its reach across multiple blockchains, its role as a bridge between the digital asset ecosystem and the broader financial world becomes increasingly apparent. The integration on TON is a testament to Tether's dedication to fostering innovation and providing users with unparalleled financial freedom.