Tether, the world’s leading stablecoin issuer, has recently made a significant impact by integrating with The Open Network (TON). Since the collaboration was announced at the Token2049 conference in Dubai, Tether has issued $60 million worth of USDT on TON. This move not only marks Tether’s expansion to its 11th blockchain but also presents new possibilities for users within the ecosystem.
Tether CEO, Paolo Ardoino, has expressed optimism about the partnership with TON, describing it as a “great start.” Initially issuing $35 million on the network, Tether has quickly increased this figure to $60 million within just two days, as confirmed by the Tether Transparency report. This rapid growth demonstrates the potential of this collaboration for both Tether and TON.
The integration of Tether on TON also holds significant implications for Telegram users. With Tether’s presence on the network, instant and free cross-border payments become a reality for all platform users. This integration eliminates the need for blockchain addresses or separate apps, making sending payments across borders as simple as sending a direct message on the platform. Additionally, Tether on TON offers seamless integration with fiat currencies, allowing for easy on-ramping and off-ramping functionalities for users.
Tether’s Dominance in the Stablecoin Market
Although TON is a new addition to Tether’s network portfolio, Tether continues to dominate the stablecoin market, with a staggering 69% share valued at approximately $159.5 billion. Tether’s presence is particularly strong on the Tron network, with over $57.8 billion worth of USDT. The gradual shift away from Ethereum, which currently holds $51 billion of Tether, highlights Tether’s strategy to reduce network fees and explore new opportunities for growth.
Price Impact on TON
Following the announcement of Tether’s integration with TON, the price of Toncoin initially spiked by 22%. However, the price has since stabilized and returned to previous levels, currently trading down 1.1% at $6.15. Despite the initial price volatility, the long-term implications of Tether’s collaboration with TON remain promising for both platforms and their respective users.