Tether Introduces USDT Stablecoin On TON Blockchain To Provide Its Ecosystem With Higher Liquidity
In Brief
Issuer of USD-pegged stablecoin USDT, Tether announced its support for the TON blockchain, listing it on the company’s transparency page.
Issuer of USD-pegged stablecoin USDT, Tether supported The Open Network (TON) blockchain, an ecosystem closely associated with the messaging application Telegram. This development was revealed through listings on the company’s transparency page.
The introduction of USDT on TON will facilitate smooth value transfer, fostering heightened activity and liquidity within the ecosystem. This initiative aims to provide users with a financial experience comparable to that of traditional financial systems. By incorporating USDT into the TON blockchain, accessibility to decentralized applications across various sectors, such as payments and gaming, is expected to broaden significantly.
Presently, $10 million in liquidity has already been injected. USDT on TON is scheduled to launch on April 20th. Moreover, TON is set to provide user incentives of 11 million TON to early adopters of USDT on the chain, as announced by Telegram CEO Pavel Durov during the TOKEN2049 conference.
Tether‘s integration with TON arrives as the circulating supply of USDT has exceeded 109 billion. Furthermore, the stablecoin’s total supply, which encompasses authorized but unissued tokens, has now surpassed 114 billion.
TON Expands Ecosystem, Enters Top 10 Blockchains By Market Capitalization
TON is a decentralized Layer 1 network initially launched by Telegram, although it has been operating independently since the company discontinued its development due to regulatory issues. The ecosystem has experienced significant expansion, particularly with recent incentives aimed at bringing aboard Telegram users. This initiative has propelled the number of monthly active addresses to over 1.7 million, a substantial increase from less than 100,000 just six months ago, as reported by blockchain data from Tonstat. Additionally, Telegram has transitioned to utilizing the network’s native token, TON, for transactions on its advertising platform in March. The cryptocurrency has also ascended to the top 10 assets by capitalization, surpassing Dogecoin in market value.
Over the last 24-hour period, TON has witnessed a significant rise of almost 12%, with its current trading price standing at $7.10, as reported by CoinMarketCap.
Recently, TON developers have unveiled the blockchain roadmap for 2024, outlining several key initiatives. These include the implementation of gas-free transactions, the rollout of Wallet 5.0 updates, and the development of a novel cross-chain technology named Teleport. Additionally, the team has disclosed intentions to expand its presence in the Asian market.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
