Tether has recently initiated a significant expansion by issuing $60 million worth of its stablecoin, USDT, on The Open Network (TON). This development followed a collaborative announcement with the TON Foundation at the Token2049 conference in Dubai, aiming to leverage TON's robust infrastructure and extensive user base linked to Telegram.
The move to TON reflects Tether's strategy to diversify its blockchain presence and reduce dependency on networks with high transaction fees, such as Ethereum. Initially starting with $35 million, the USDT issuance on TON quickly escalated to $60 million, indicating robust demand and a successful integration. Alongside USDT, Tether also launched the gold-pegged stablecoin, Tether Gold (XAUT), on the same network, further broadening its asset offerings.
The integration with TON allows Telegram's nearly 900 million users to execute instant, free cross-border payments as easily as sending a direct message—no blockchain address or additional app download required. This ease of use could revolutionize how cryptocurrency transactions are handled on social platforms.
Despite this expansion, Tether's majority circulation still remains on the Tron network, with Ethereum following closely. The global stablecoin market sees Tether maintaining a dominant 69% market share, indicating its pivotal role in the digital currency landscape.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
