The world’s leading stablecoin issuer, Tether, got off to a fast start on The Open Network (TON), issuing $60 million worth of USDT since integrating with the blockchain on April 19. This makes TON the eleventh blockchain to support Tether, expanding its reach and offering users new options.
The collaboration between the two, announced at the Token2049 conference in Dubai, also resulted in the launch of TON Tether Gold (XAUT) on the TON platform. This stablecoin with gold offers users additional diversification options.
Tether CEO Paolo Ardoino expressed optimism about the partnership, calling it a “great start,” with an initial sum of $35 million. A report by Tether Transparency confirms that in just two days the figure has risen to $60 million.
The integration has significant implications for Telegram users. Tether’s presence on TON enables instant and free cross-border payments between all users of the platform. The integration makes it possible to send payments without the need to have a blockchain address or download separate applications. According to Telegram, sending money will be as simple as sending a direct message.
Seamless integration of Tether and Ton with Fiat currencies
Tether in TON also offers seamless integration with fiat currencies. Users can expect to easily increase the number of options in most global currencies at launch, with disabling features planned soon. This will enable users to convert Tether back to fiat and withdraw it directly to bank accounts or cards.
Although TON is a new acquisition, Tether’s dominant presence remains on the Tron network, where it holds USDT assets worth more than $57.8 billion. Ethereum, once the leader, now holds $51 billion, reflecting a gradual shift as Tether seeks to avoid the high network fees charged by Ethereum. Solana, meanwhile, is Tether’s third-largest host with $1.9 billion.
Tether currently holds a staggering 69% share of the overall stablecoin market, valued at around $159.5 billion, according to CoinGecko. Its closest competitor, Circle’s USD Coin (USDC), holds a 21% share with a turnover of $33.7 billion.
Although the price of TON initially rose 22% after Tether’s announcement, it has since returned to previous levels. At the time of this writing, Toncoin is trading down 1.1% at $6.15.
