Tether Gold

April

Foundation

Billion

<p><strong>The company has further announced a collaboration with the TON Foundation to solidify Tether’s dominance in the stablecoin market. This collaboration enables the issuance of Tether (USDT) on The Open Network (TON) blockchain.</strong></p>
<p>Tether CEO Paolo Ardoino said this partnership has already seen a “great start,” with $60 Million worth of USDT issued on TON at 11:30 pm UTC on April 21, 2024.</p>
<h2 class="wp-block-heading" id="strong-tether-s-expansion-into-ton-strong"><strong>Tether’s Expansion Into TON</strong></h2>
<p>The agreement between Tether and the TON Foundation was announced on April 19 at the Token2049 cryptocurrency conference in Dubai. In addition to USDT, the stablecoin issuer launched the gold-pegged Tether Gold (XAUT) stablecoin on TON.</p>
<p>The Open Network team emphasized the benefits of this integration. They stated that cross-border payments on TON would be instant, accessible, and as easy as sending a text message to Telegram’s 900 million users.</p>
<h3 class="wp-block-heading" id="strong-usdt-integration-with-telegram-strong"><strong>USDT Integration With Telegram</strong></h3>
<p>One key advantage of issuing USDT on<a href="https://www.thecoinrepublic.com/2024/04/20/telegram-leveraging-ton-to-offer-support-to-emojis-nfts/" target="_blank" rel="noopener noreferrer nofollow"> TON </a>is the seamless integration with Telegram’s messaging platform.&nbsp;</p>
<p>According to the TON Foundation, Telegram users can now freely and instantly send transfers between all platform users without needing a blockchain address or downloading a new app. All users need to do is send a direct message (DM).</p>
<p>The integration will include fully integrated on-ramps from various global fiat currencies at launch.&nbsp;</p>
<p>Moreover, integrated global off-ramps will soon allow users to withdraw supported fiat currencies directly to their designated bank accounts or debit/credit cards, streamlining the process for added convenience and accessibility.</p>
<h3 class="wp-block-heading" id="strong-tether-s-dominant-market-position-strong"><strong>Tether’s Dominant Market Position</strong></h3>
<p>With $57.8 Billion issued, most of Tether’s $109.8 Billion circulating supply is still on the Tron (TRX) network despite this new integration. Ethereum is next, with $51 Billion USDT in circulation; however, as Tether distributes its stablecoin over multiple blockchains to mitigate high network costs on Ethereum, this amount has been decreasing.</p>
<p>Solana is the third largest network supporting Tether, with $1.9 Billion issued, while the stablecoin has also been issued on Avalanche, Omni, Cosmos, Tezos, Near, EOS, and Celo, among others.</p>
<h3 class="wp-block-heading" id="strong-tether-s-market-dominance-in-stablecoins-strong"><strong>Tether’s Market Dominance In Stablecoins</strong></h3>
<p>According to CoinGecko data, Tether’s market share in the stablecoin market capitalization is impressive: 69%, accounting for around $159.5 Billion. Its closest rival, Circle’s USD Coin (USDC), holds a 21% share, with $33.7 Billion in circulation.</p>
<h3 class="wp-block-heading" id="strong-market-reaction-future-outlook-strong"><strong>Market Reaction &amp; Future Outlook</strong></h3>
<p>The integration of Tether with TON initially boosted Toncoin’s price by 22%.</p>
<p>However, prices soon reverted to previous levels, down 1.6% at $6.13 when writing, indicating that the initial excitement may have been short-lived or that market forces influenced the price correction.</p>
<p>Tether’s expansion across multiple blockchains is anticipated to reinforce its dominance in the market. Users now have more alternatives for easy and affordable cross-platform and cross-environment transactions.</p>

Tether’s ‘Great Start’ On The TON Blockchain, Says CEO-Now At $60M

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Thecoinrepublic.com

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