Coinspeaker reported that within just three days of launching its USDT stablecoin on the TON blockchain network, over $60 million worth of USDT has already been issued. This significant issuance has made TON the 11th largest blockchain for Tether, showcasing the rapid adoption of the stablecoin on this new platform.
The announcement of Tether bringing USDT to the TON blockchain was made last week on April 19, during the Token2049 crypto conference in Dubai. This move came as part of a collaboration between Tether and the TON Foundation, allowing Tether to mint its USDT stablecoin on the TON blockchain. In addition to USDT, Tether also launched its gold-pegged stablecoin, Tether Gold (XAUT), on TON.
The Open Network team behind TON highlighted the benefits of using the platform for cross-border payments, emphasizing that transactions are effortless, free, and instantaneous. They likened the process to sending a text message to Telegram’s vast user base of 900 million individuals.
Paolo Ardoino, the CEO of Tether, expressed optimism about the collaboration in a post on April 21, noting that $35 million USDT had already been issued on TON. However, according to the Tether Transparency report, the authorized supply on TON had expanded to $60 million by April 21.
The collaboration between Tether and the TON blockchain enables Telegram users to transfer USDT across all platforms seamlessly and almost instantly. Users can send a direct message without the need for a blockchain address or downloading a new app. USDT on the TON Network also offers fully integrated on-ramps from global fiat currencies, with plans for global off-ramps to withdraw fiat currencies directly to cards or banks.
Tether’s expansion into the TON blockchain is part of its strategy to reduce its reliance on major players like Tron and Ethereum. While over 50% of Tether’s circulating supply is currently on the Tron blockchain, the circulation on Ethereum has decreased due to high network fees. Tether has also been deployed on other blockchains such as Solana, Avalanche, Omni, Cosmos, Tezos, Near, EOS, and Celo.
With Tether currently holding a 69% market share in the stablecoin market, its move to the TON blockchain demonstrates its commitment to diversifying its presence across various blockchain networks. This expansion could help Tether reduce its concentration on a few major platforms and further solidify its position in the cryptocurrency market.