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Tether USDT stablecoin goes live on TON blockchain
Tether has strategically broadened its stablecoin offerings to include The Open Network (TON), an originally Telegram-developed blockchain platform.
This integration introduces Tether’s USDT, with a market cap of $108 billion, and XAUT, a gold-backed stablecoin, onto TON’s ecosystem.
Although not officially announced yet, Tether’s transparency page indicates its total authorized amount of $10 million on the TON blockchain.
TON operates as an independent layer-1 blockchain following Telegram’s exit due to regulatory pressures. Despite this, TON has demonstrated significant growth. Tonstat data shows a surge in monthly active addresses from under 100,000 to over 1.7 million within six months.
Hosting Tether’s stablecoins on TON aligns with Telegram’s recent operational changes. Telegram has notably adopted TON’s native cryptocurrency, Toncoin, for advertising payments, replacing euros.
"Anyone can now promote their bot or channel with budgets starting from a few Toncoins. When creating a Telegram ad, you select the specific channels for it to appear, giving you full control over context," explained Telegram.
Stablecoins like USDT and XAUT play vital market roles by reducing the typical volatility of digital currencies. Anchored to stable assets like the US dollar and gold, these coins serve as a safe haven during market fluctuations, making them an essential component of traders' and investors' portfolios.