TON blockchain started hosting Tether effective April 19, 2024. The volume issued was worth approximately $35 million. Almost 2 days later, the issuance has touched the massive milestone of $60 million on the said blockchain with expectations that it would soon inch closer to the giants like Ethereum and Solana, which are hosting approximately $51 billion and $1.9 billion, respectively, in circulation.
TON blockchain is currently the 11th biggest blockchain for Tether, and the Chief Executive Officer of TON believes it is a great start. Paolo Ardoino made this statement by commenting on a post on X. However, that was more about the $35 million USDT value on the blockchain. The value of $60 million is effective April 21, 2024, 11:30 pm UTC.
Team members of TON, an acronym for The Open Network, have issued a statement too. They have said that the blockchain architected by them has succeeded in making cross-border transactions seamless, instant, and economic. TON blockchain enables Telegram users to transact with other Telegram users without requiring their blockchain, wallet, or address. All they have to do is send a DM – Direct Message – and they are all set.
That gives them access to over 900 million Telegram users, making it one of the broadest accessible spheres in the market.
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The integration between the TON blockchain and Tether was first made public at Token2049, Dubai. At the conference, the team announced that minting Tether would be active on TON. Not just USDt, but the integration also extended to cover XAUT on the TON blockchain, with XAUT being a gold-pegged Tether Gold stablecoin.
There is something to look forward to for Tether; however, TON Blockchain could be struggling with its native crypto. TON was last seen exchanging hands at $6.16 with a slip of 1.08% in the last 24 hours.
Circling back to Tether, the dollar-pegged stablecoin has most of its volume on Tron Network. It translates to roughly $57.8 billion, just ahead of Ethereum by a margin of $6 billion. The total volume in circulation amounts to approximately $109.8 billion. Other blockchains that have issued Tether are Omni, Avalanche, Tezos, Cosmos, and Celo, to mention a few.
Tether now seeks to continue boosting peer-to-peer transactions on the TON Network. It further acts as an incentive for Telegram users to gain access to a new stablecoin. Paolo said that integrating Tether and TON blockchain enables them to seamlessly transfer value from one user to another, furthering their mission to power open financial infrastructure across the ecosystem.
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Tether’s USDt is now supported by The Open Network’s blockchain. It hosts approximately $60 million worth of volume on the network, making TON the 11th-largest blockchain out of 16 networks. More figures and integrations will be made public in the coming days.
