Tether Issued $60 million on the TON blockchain in Three Days
Tether announced its partnership with the TON ecosystem at the Token2049 conference in Dubai. USDT issued its own stablecoin on the TON blockchain.
In the last three days since the announcement, 60 million USDT has already been issued on the TON network. This makes TON the 11th largest blockchain for Tether out of 16. In addition, Tether has launched Tether Gold (XAUT), which is pegged to gold, on the TON network.
Despite the new issuance on the TON network, the majority of Tether's supply remains on the Tron (57.8 billion USDT), Ethereum (51 billion USDT) and Solana (1.9 billion USDT) networks.
Thus, the partnership with TON allows 900 million Telegram users to send transfers freely and instantly via direct messages. In a social media post, the TON team emphasized that payments are as simple in their performance as sending messages.
3/ Faster, Cheaper, Easier.
— TON 💎 (@ton_blockchain) April 19, 2024
This initiative is set to transform global peer-to-peer payments, allowing Telegram's users to send transfers freely and instantly between all Telegram users; all you need to do is send a DM, no need for a blockchain address, and no need to download a…
Messenger users don't need a blockchain wallet address, simply sending a direct message to send tokens. The move is designed to incentivize peer-to-peer payments and benefit the fast-growing TON ecosystem.
The TON ecosystem has been performing well lately. Various campaigns and incentives for Telegram users have led to an increase in the number of monthly active addresses from less than 100,000 to over 1.7 million in just six months.
Tether CEO Paolo Ardoino also noted that Tether has gotten off to a great start on the TON network. He emphasized the importance of this collaboration, saying that it furthers the company's mission to build an open financial infrastructure in the blockchain space.
Meanwhile, the OKX exchange has added support for USDT on TON.
