Tether’s USD₮ and XAU₮ on TON set to revolutionize Telegram’s financial ecosystem.
Tether announced today that its dollar-pegged stablecoin Tether USD (USDT) and gold-pegged Tether Gold (XAUT) are available on The Open Network (TON). This move extends Tether’s blockchain coverage to 15 platforms and opens up new possibilities for over 900 million Telegram users globally.
This opens up the usage of USDT and XAUT on peer-to-peer payments on TON’s blockchain and the decentralized applications built on its infrastructure as well.
“We’re excited to bring USD₮ and XAU₮ to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system,” commented Paolo Ardoino, CEO of Tether. “The launch of USD₮ and XAU₮ on TON will allow seamless value transfer, increasing activity and liquidity while offering users a financial experience that can match those found in the traditional financial system. This furthers our mission of powering open financial infrastructure across the blockchain space.”
TON’s total value locked has been on the rise recently, nearing $150 million and registering a 322% growth in the last 30 days, according to data aggregator DefiLlama.
Meanwhile, the USDT leads the stablecoin market comfortably with over $108 billion in market share and over 70% dominance, according to data from CoinGecko.
Moreover, the USDT is now live on 15 networks, including Algorand, Avalanche, Celo, Ethereum, EOS, Liquid Network, Near, Polygon, Solana, Bitcoin Cash’s Standard Ledger Protocol, Statemint, Tezos, and Tron.
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