Tether’s Strong Start on TON Blockchain – Reaches $60M

Since April 19, Tether (USDT) has been issued on The Open Network (TON), with a total value of $60 million. This makes TON the 11th largest blockchain platform for Tether out of 16. The collaboration between Tether and the TON Foundation was announced at the Token2049 crypto conference in Dubai. As part of this partnership, Tether also introduced the gold-backed stablecoin Tether Gold (XAUT) on TON. The Open Network team emphasized the convenience of cross-border payments on TON, with instant and free transfers available to Telegram’s 900 million users. Tether’s CEO, Paolo Ardoino, described the launch on TON as a “great start,” with $35 million USDT issued initially.

According to the Tether Transparency report, the authorized supply of USDT on TON has now reached $60 million as of April 21. Telegram users can seamlessly send transfers to other users on the platform without the need for a blockchain address or downloading a new app. TON plans to integrate on-ramps that support most fiat currencies globally, allowing users to easily convert their money into USDT. The platform also aims to develop off-ramps that enable users to withdraw fiat currencies directly to their bank accounts or cards.

Even though TON has reached $60 million worth of Tether issuance, the majority of Tether’s circulating supply, which amounts to $109.8 billion, remains on the Tron (TRX) network with $57.8 billion, followed by Ethereum with $51 billion. Tether has also been deployed on other blockchains, including Solana, Avalanche, Omni, Cosmos, Tezos, Near, EOS, and Celo. Currently, Tether dominates the stablecoin market with a market share of 69% and a total market capitalization of around $159.5 billion, according to CoinGecko. Its closest competitor, Circle, holds a 21% market share with its stablecoin USD Coin (USDC), which has a circulation value of $33.7 billion.

The announcement of Tether’s integration with TON led to a 22% price spike for Toncoin (TON), but the prices quickly returned to their previous levels. At the time of writing, TON is trading at $6.13, down 1.6% for the day, according to CoinGecko.