Last week at the Token2049 crypto conference in Dubai, Tether unveiled its partnership with the TON Foundation, enabling Tether to mint USDT on the TON blockchain.
Soon after Tether announced bringing its USDT stablecoin to the TON blockchain network last week on April 19, there’s been a massive issuance happening so far. As per reports, over $60 million in USDT is already issued on TON, thus making it the 11th largest blockchain for Tether.
During the Token2049 crypto conference in Dubai last week, Tether announced its collaboration with the TON Foundation. This allows Tether to freely mint its USDT stablecoin on the TON blockchain. Apart from USDT, Tether also launched its gold-pegged Tether Gold (XAUT) stablecoin on TON.
The Open Network team announced on X that cross-border payments were effortless, free, and instantaneous, likening the process to sending a text message to Telegram’s extensive user base of 900 million individuals.
Paolo Ardoino, CEO of Tether, remarked in an April 21 post on X that the endeavor had seen a promising beginning, with $35 million USDT issued on TON. Nevertheless, as per the Tether Transparency report, the authorized supply issued on TON has expanded to $60 million by 11:30 pm UTC on April 21.
The Tether and TON Collaboration
This collaboration between Tether and the TON blockchain will allow Telegram users to freely transfer their USDT across all platforms and almost instantly. “All you need to do is send a DM, no need for a blockchain address, and no need to download a new app,” said Telegram.
USDT on the TON Network comes with fully integrated on-ramps from most of the global fiat currencies. Additionally, very soon, global off-ramps will allow users to withdraw the supported fiat currencies directly to their cards or banks.
However, more than 50% of Tether’s circulating supply is currently on the Tron blockchain. The circulation of USDT on Ethereum has decreased to $51 billion, as more Tether is being utilized on alternative blockchains to mitigate the high network fees experienced on Ethereum.
Solana stands as the third-largest network accommodating Tether, with a total issuance of $1.9 billion. Additionally, the stablecoin has been deployed on various other blockchains such as Avalanche, Omni, Cosmos, Tezos, Near, EOS, and Celo.
Tether’s share in the entire stablecoin market is currently at 69%. On the other hand, Circle, its closest rival has a market share of 21%. Tether’s expansion into the TON blockchain shows its efforts to reduce its concentration from two major players.
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