Tether has strategically expanded its stablecoin offerings to The Open Network (TON), a blockchain platform originally developed by Telegram.
This integration introduces Tether’s USDT, which holds a $108 billion market cap, and XAUT, a gold-backed stablecoin, onto TON’s ecosystem.
Tether’s Transparency Page Shows Ton Network
The development has not yet been officially announced. However, Tether’s transparency page shows that it has a total authorized amount of $10 million on the TON blockchain.
TON operates as an independent layer-1 blockchain, following Telegram’s withdrawal due to regulatory pressures. Despite this, TON has shown remarkable growth. Data from Tonstat highlights this surge, noting an increase in monthly active addresses from under 100,000 to over 1.7 million within six months.
Read more: 9 Best Crypto Wallets to Store Tether (USDT)
The choice to host Tether’s stablecoins on TON aligns with Telegram’s recent operational shifts. Notably, Telegram has adopted TON’s native cryptocurrency, Toncoin, replacing euros for advertising payments.
“Anyone can now promote their bot or channel – with budgets as low as a handful of Toncoins. When creating a Telegram ad, you choose the exact channels where you’d like it to appear, so you have full control over their context,” Telegram explained.
Stablecoins like USDT and XAUT perform critical market roles by mitigating the typical volatility associated with digital currencies. By anchoring to stable assets such as the US dollar and gold, these coins act as a “safe harbor” amidst market fluctuations. They are, therefore, an essential part of traders’ and investors’ portfolios.
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