Tether Expands Its Stablecoin Offering to TON Blockchain

Blockcard
Tether Expands Its Stablecoin Offering to Telegram’s TON Blockchain
BTCC



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.

coinbase

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.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.



Source link

Bybit

Be the first to comment

Leave a Reply

Your email address will not be published.


*