Tether's Fusion with TON Strengthens Its Blockchain Reign

Tether's $60 million issuance on The Open Network (TON) has established TON as the 11th-largest Tether platform among 16 blockchains. The strategic collaboration involves Tether Gold (XAUT) stablecoin introduction, emphasizing cross-border payment efficiency through Telegram's 900 million users. Despite TON's growth, Tron remains the dominant Tether network with a $57.8 billion presence, while Ethereum holds $51 billion despite decreasing circulation due to expanding network support to mitigate Ethereum fees.

Tether's Integration with TON Strengthens Its Blockchain Dominance

Since its launch on The Open Network (TON) on April 19th, Tether has issued an impressive $60 million worth of its stablecoin, propelling TON to the forefront of the Tether-supported blockchain landscape. This strategic partnership between Tether and the TON Foundation positions TON as the 11th-largest blockchain for Tether, alongside 15 others that currently embrace the widely-used stablecoin.

The announcement, unveiled at the Token2049 crypto conference in Dubai, marked a significant milestone for both parties. Tether's CEO, Paolo Ardoino, expressed his enthusiasm about the partnership's early success, highlighting that a staggering $35 million in Tether (USDT) had been issued on TON within the first two days alone. This figure has now surged to $60 million, as revealed in the latest Tether Transparency report.

Beyond Tether, TON has also welcomed Tether Gold (XAUT), a gold-pegged stablecoin. The Open Network team has emphasized the exceptional efficiency of this new offering, showcasing its ability to facilitate instant, fee-free cross-border payments with the same ease as sending a text message to any of Telegram's 900 million users.

This integration with Telegram empowers users with seamless money transfers through direct messages, eliminating the need for blockchain addresses or external applications. Additionally, TON supports fully integrated on-ramps for most major fiat currencies, with plans underway to introduce global off-ramps that will allow seamless withdrawals directly to bank accounts or cards.

Despite these promising developments on TON, Tron remains the primary home for Tether's circulating supply, accounting for $57.8 billion of its $109.8 billion total. Ethereum, although experiencing a decline in Tether circulation as the stablecoin expands to other blockchains to mitigate high network fees, still hosts $51 billion.

Solana ranks third with $1.9 billion in Tether issuance, followed by a diverse array of other blockchains, including Avalanche, Omni, Cosmos, Tezos, Near, EOS, and Celo. This expansion strategy reflects Tether's commitment to diversifying its presence across multiple blockchains, enhancing its accessibility and reducing its reliance on any single network.

In the broader stablecoin market, Tether maintains an unyielding dominance, commanding a 69% market share of the $159.5 billion total market capitalization, according to CoinGecko. Circle's USD Coin, its closest rival, holds a distant 21% share with a circulating supply of $33.7 billion.

Following the announcement of Tether's integration with TON, Toncoin's price experienced a brief spike of 22%, before settling back to its previous levels. As of the latest update, Toncoin is trading with a modest 1.6% decline at $6.13.

This integration with TON marks another step forward in Tether's journey of blockchain expansion and innovation. The company remains committed to providing users with accessible, reliable, and efficient stablecoin services across a diverse range of platforms, solidifying its position as the undisputed leader in the stablecoin market.