Tether, the world’s leading stablecoin issuer, has recently made a fast start on The Open Network (TON) by issuing $60 million worth of USDT since integrating with the blockchain on April 19th. This move marks TON as the 11th blockchain to host Tether, expanding its reach and offering new options for users. The collaboration between Tether and TON also saw the launch of Tether Gold (XAUT) on the platform, providing users with additional diversification options. Tether CEO Paolo Ardoino expressed optimism about the partnership, noting the $35 million issuance initially and the subsequent growth to $60 million within just two days.
The integration of Tether on TON has significant implications for Telegram users, as it allows for instant and free cross-border payments between all platform users. This integration eliminates the need for blockchain addresses or separate apps, making sending payments as simple as sending a direct message. Tether’s presence on TON also offers seamless integration with fiat currencies, enabling users to easily on-ramp from most global currencies at launch and providing off-ramping functionalities in the future. This feature will allow users to convert their Tether back to fiat and withdraw it directly to their bank accounts or cards.
Despite the addition of TON to Tether’s network, the stablecoin issuer still maintains a dominant presence on the Tron network, where it holds over $57.8 billion worth of USDT. Ethereum, once the primary host for Tether, currently holds $51 billion, reflecting a gradual shift as Tether moves away from Ethereum’s high network fees. Solana is the third-largest Tether host, holding $1.9 billion. Tether commands a significant share of the stablecoin market, with a 69% share valued at roughly $159.5 billion according to CoinGecko. Its closest competitor, Circle’s USD Coin (USDC), holds a 21% share with $33.7 billion in circulation.
Following the announcement of Tether’s integration on TON, the price of Toncoin initially spiked by 22%, but has since returned to previous levels. At the time of writing, Toncoin is trading down 1.1% at $6.15. The partnership between Tether and TON represents a significant step forward in expanding the capabilities and reach of the stablecoin issuer, offering users new options for diversification and seamless integration with fiat currencies. With Tether’s continued dominance in the stablecoin market, the collaboration with TON is poised to further solidify its position as a leading player in the digital asset space.
