Tether Issues $60 Million Worth of USDT on Telegram's Open Network TON

Tether (USDT) has already issued $60 million worth of its stablecoin on The Open Network (TON) since integrating with the blockchain on April 19. This development places TON as the 11th-largest blockchain for Tether out of 16 supported platforms.

The collaboration between Tether and the TON Foundation was announced during the Token2049 crypto conference in Dubai on April 19. As part of this partnership, Tether began minting its USDT stablecoin on TON and also introduced Tether Gold (XAUT) on the platform.

The Open Network team highlighted the benefits of their platform, stating that cross-border payments on TON are instant, free, and as simple as sending a text message to Telegram's 900 million users.

Paolo Ardoino, CEO of Tether, expressed satisfaction with the progress, noting that $35 million USDT had been issued on TON by April 21. However, according to the latest Tether Transparency report, the authorized supply of USDT issued on TON has now increased to $60 million.

The collaboration enables Telegram users to send transfers seamlessly among all platform users, requiring only a direct message without the need for blockchain addresses or additional app downloads.

USDT on TON will feature fully integrated on-ramps from most fiat currencies globally at launch, with plans to introduce integrated global off-ramps to enable users to withdraw supported fiat currencies directly to bank accounts or cards.

While the majority of Tether's circulating supply remains on the Tron network, with $57.8 billion, Ethereum hosts $51 billion USDT. To address high network fees on Ethereum, Tether has deployed USDT on various blockchains, including Solana, Avalanche, Omni, Cosmos, Tezos, Near, EOS, and Celo.

Tether dominates 69% of the entire stablecoin market capitalization, valued at approximately $159.5 billion, according to CoinGecko. Its main competitor, Circle, holds a 21% market share with its stablecoin, USD Coin (USDC), which has $33.7 billion in circulation.

Following the announcement, Toncoin (TON) experienced a 22% spike in prices but quickly reverted to previous levels, according to Cointelegraph.