Tether's Expansive Move to 15 Blockchains Sparks Toncoin Rally, Revolutionizing Cross-Border Payments

Tether, the issuer of the most popular stablecoin (USDT), has expanded its reach to 15 blockchains by launching USDT and XAUT (gold-backed) on The Open Network (TON). This integration aims to facilitate seamless P2P payments within Telegram's vast user base and enable the easy transfer of value across TON and other blockchain networks. Tether's CEO, Paolo Ardoino, expressed support for TON's vision of a decentralized internet and borderless financial system. To drive adoption, the TON Foundation has allocated 11 million TON tokens as incentives, fostering liquidity and user rewards.

Tether's Bold Expansion to 15 Blockchains Propels Toncoin Price, Revolutionizing Cross-Border Payments

In a groundbreaking move that has sent shockwaves through the cryptocurrency landscape, Tether, the powerhouse behind the world's largest stablecoin, USDT, has embarked on a strategic expansion to 15 blockchains. This unprecedented move has ignited a surge in the price of Toncoin, the native token of The Open Network (TON), catapulting it by an impressive 17% within a mere 24-hour period.

USDT and XAUT Arrive on TON: Empowering Seamless Value Transfer

The integration of USDT and XAUT, Tether's gold-backed digital token, onto TON marks a watershed moment for both companies. This strategic alliance extends Tether's reach to a vast network of blockchains, while simultaneously opening up a plethora of opportunities for TON's burgeoning ecosystem.

The seamless integration of TON with Telegram, boasting an astounding 900 million active users worldwide, promises to revolutionize global peer-to-peer (P2P) payments. This unparalleled user base will gain access to a frictionless and borderless payment experience, empowering them to transact value instantaneously without the complexities of blockchain addresses or separate app downloads.

Tether's unwavering commitment to driving financial inclusion is evident in this latest expansion. By introducing USDT and XAUT onto TON, the company aims to facilitate swift and cost-effective value transfer across the TON ecosystem and myriad blockchain networks. This strategic move serves to enhance liquidity, boost network activity, and provide users with a financial experience that rivals traditional banking systems.

Paolo Ardoino, CEO of Tether, eloquently expressed the company's enthusiasm for the collaboration:

"We are thrilled to bring USD₮ and XAU₮ to The Open Network as we firmly believe in its vision of an open and decentralized internet that fosters a borderless financial system. The launch of USD₮ and XAU₮ on TON will unlock unparalleled value transfer capabilities, fostering increased activity and liquidity while offering users a financial experience on par with traditional banking systems. This endeavor aligns perfectly with our mission to power open financial infrastructure throughout the blockchain ecosystem."

11 Million TON Tokens: Fueling Adoption and Value

The Open Network is committed to revolutionizing global P2P payments, empowering Telegram users to send funds instantaneously without the need for blockchain addresses or external app downloads. To drive widespread adoption of USDT and XAUT on TON, the TON Foundation has allocated a substantial 11 million TON tokens as incentives.

Five million TON tokens will be strategically deployed to amplify rewards within USDT/TON liquidity pools on decentralized exchanges (DEXes) such as StonFi and Dedust. This initiative aims to incentivize liquidity provision, fostering a robust and vibrant trading ecosystem.

An additional 5 million TON tokens will be distributed to users who actively participate in Telegram's wallet's Earn campaign by depositing USDT. These incentives are designed to encourage adoption and drive usage of USDT within the TON ecosystem.

To further accelerate adoption, the TON Foundation has implemented a strategic move to waive withdrawal fees for all users transferring funds from supporting exchanges such as OKEx, Bybit, and KuCoin until the end of June 2024. This move is expected to significantly reduce the barriers to entry, attracting a broader user base to the TON ecosystem.

Toncoin Price Soars: A Testament to the Partnership's Strength

The announcement of the partnership between Tether and TON has sparked a surge in the price of Toncoin, driving it to a high of $8.02 on Friday. This bullish momentum is a testament to the strength of the partnership and the immense value that the integration of USDT and XAUT is expected to bring to the TON ecosystem.

After reaching an all-time high (ATH) of $8.79 on April 11, the Toncoin price experienced a temporary decline, reaching a low of $5.42 on Saturday, April 13. However, the recent partnership announcement has reignited bullish sentiment, sending the price soaring once again.

Currently trading at $6.59, Toncoin is poised to breach the $7.70 price resistance level, paving the way for a potential rally towards and beyond the $8 mark. This bullish momentum, coupled with the ongoing incentives and the strategic alliance with Tether, augurs well for the future of Toncoin and the TON ecosystem as a whole.

Conclusion

Tether's strategic expansion to 15 blockchains, including TON, is a pivotal move that is set to revolutionize the global payments landscape. By integrating USDT and XAUT onto TON, Tether is not only extending its reach but also empowering the TON ecosystem with a suite of robust financial tools.

The 11 million TON tokens allocated for adoption incentives, coupled with the seamless integration with Telegram's massive user base, is expected to drive widespread adoption of USDT and XAUT on TON. This strategic alliance is a testament to Tether's unwavering commitment to fostering open financial infrastructure and its belief in the transformative potential of the blockchain ecosystem.

As Toncoin continues to surge in value, it is evident that the partnership between Tether and TON is a powerful force that is poised to reshape the future of cross-border payments, making them faster, easier, and more cost-effective than ever before.