Tether Integrates TokenPocket Wallet on TON, Processing $10B in Transfer Volume

Tether, the issuer of the top stablecoin USDT, has integrated TokenPocket, a leading multi-chain wallet, on the Telegram Open Network [TON].

Stablecoin issuer Tether has announced the integration of TokenPocket, a leading multi-chain wallet on the Telegram Open Network (TON), adding TON to its list of supported blockchain networks, which already includes Ethereum and Binance Smart Chain.

Tether’s integration with TON began in April with the addition of native USDT on the network. Since then, the network has processed nearly $10 billion in total transfer volume, surging by an impressive 124% month-over-month from June, according to data from Footprint Analytics.

Moreover, user activity on TON has also seen substantial growth during this period. According to data from Token Terminal, the total transactions have surged from 208 million in April to now over 627 million (up 200%). At present, the daily active users on TON stand at 482K (up 231% since April).

On the other hand, the TON Core team has also launched its W5 smart wallet standard in partnership with Tonkeeper, aiming to deliver gasless transactions on The Open Network blockchain. The upgrade to the layer-1 blockchain’s pre-existing wallet smart contract will allow users to use Tether for gas fees for USDT transfers and Notcoin for gas fees when transferring NOT.

These developments highlight Tether’s commitment to revolutionizing cryptocurrency payments and solidifying TON's position as a leading blockchain network.

Meanwhile, Tether is facing increased scrutiny from regulators worldwide. Recently, Tether’s general counsel Stuart Ho discussed the impact of the Markets in Crypto-Assets (MiCA) regulation in the European Union on stablecoin issuers.

According to Ho, MiCA will introduce more complexity for issuers and increase the level of scrutiny on EU-licensed stablecoins. He added that the regulation's focus on stablecoins as a payment instrument could limit their use cases.

As the regulatory structure regarding stablecoins in the EU remains a contentious topic, key stakeholders like Tether are navigating the landscape with caution but optimism, hoping that regulations will ultimately play a role in shaping the future of the industry.