Tether's USDT Breaks $60 Million on TON Blockchain, Expanding Crypto Universe

Tether's partnership with the TON Foundation has facilitated the minting of USDT on the TON blockchain. Since its launch, over $60 million in USDT has been issued on TON, making it the 11th largest blockchain for Tether. This collaboration enables Telegram users to transfer USDT seamlessly across platforms, fostering financial inclusion and convenience.

Tether Expands Presence to TON Blockchain, Issuing Over $60 Million in USDT

Dubai, April 25, 2023 - Tether, the leading issuer of stablecoins, has announced a significant expansion of its operations by partnering with the Telegram Open Network (TON) Foundation. This partnership enables Tether to mint its USDT stablecoin on the TON blockchain, providing users with a new and efficient platform for transacting and storing digital assets.

The integration of USDT on the TON blockchain was unveiled at the Token2049 crypto conference in Dubai last week. Since the announcement, the issuance of USDT on TON has surged, with over $60 million minted as of April 21. This development makes TON the 11th largest blockchain for Tether, highlighting the growing adoption of the TON network for stablecoin transactions.

In addition to USDT, Tether has also launched its gold-pegged stablecoin, Tether Gold (XAUT), on TON. This move further expands the range of stablecoin options available to users on the TON blockchain.

The TON team emphasizes the ease and convenience of cross-border payments using USDT on its network. The process is likened to sending a text message through Telegram's extensive user base, which boasts over 900 million individuals.

Paolo Ardoino, CEO of Tether, expressed optimism about the partnership's initial success, stating that $35 million USDT had been issued on TON as of April 21. However, according to the latest Tether Transparency report, the authorized supply issued on TON has grown to $60 million by 11:30 pm UTC on April 21.

The collaboration between Tether and TON will benefit Telegram users by facilitating seamless and instantaneous transfers of USDT across all platforms. "All you need to do is send a DM, no need for a blockchain address, and no need to download a new app," Telegram explained.

USDT on the TON Network offers fully integrated on-ramps for most global fiat currencies, allowing users to convert their local currencies into USDT effortlessly. Global off-ramps will also be available shortly, enabling users to withdraw supported fiat currencies directly to their cards or bank accounts.

Currently, over 50% of Tether's circulating supply is on the Tron blockchain. However, the circulation of USDT on Ethereum has decreased to $51 billion as more Tether is utilized on alternative blockchains to avoid the high network fees associated with Ethereum.

Solana is the third-largest network supporting Tether, with a total issuance of $1.9 billion. The stablecoin has also been deployed on various other blockchains, including Avalanche, Omni, Cosmos, Tezos, Near, EOS, and Celo.

Tether's share in the global stablecoin market currently stands at 69%. Circle, its closest rival, holds a market share of 21%. Tether's expansion into the TON blockchain demonstrates its efforts to reduce its concentration from only two major players.

The partnership with TON is a strategic move by Tether, as it seeks to expand its reach and provide users with a wider range of options for transacting and storing digital assets. With its proven track record and industry-leading status, Tether continues to be a dominant force in the stablecoin ecosystem.