USDT Debuts on TON Network, Simplifying Cross-Border Payments

Tether (USDT), the largest stablecoin, has made a significant impact on The Open Network (TON) with $60 million USDT issued on its blockchain. This integration allows Telegram users instant and free cross-border payments, with seamless on-ramping from major currencies and upcoming off-ramping functionalities. USDT's presence on TON marks a notable expansion for the stablecoin, while solidifying TON's position as the 11th largest blockchain supporting USDT.

USDT Makes Stellar Debut on TON Network, Facilitating Instant Cross-Border Payments

Dubai, United Arab Emirates – Tether (USDT), the world's leading stablecoin issuer, has achieved a significant milestone in its collaboration with The Open Network (TON), with the issuance of $60 million worth of USDT on the blockchain. This integration marks a major development in the cryptocurrency landscape, expanding USDT's presence to 11 blockchains and offering Telegram users unparalleled convenience for cross-border payments.

Just two days prior to the announcement, Tether had unveiled its partnership with the TON Foundation during Token2049 in Dubai. The launch of USDT on TON was met with enthusiasm, as it further diversifies Tether's blockchain portfolio and brings the benefits of stablecoin transactions to Telegram's massive user base.

Seamless Integration and Cross-Border Payment Revamp

The integration of USDT on TON empowers Telegram users with the ability to seamlessly send instant and cost-free payments across borders. This eliminates the need for blockchain addresses or additional app downloads, making peer-to-peer transactions as simple as sending a direct message.

"This initiative is set to revolutionize global peer-to-peer payments, allowing Telegram's users to send transfers freely and instantly between all Telegram users; all you need to do is send a DM, no need for a blockchain address, and no need to download a new app," stated Telegram.

On-Ramps and Fiat Integration

USDT on TON will seamlessly integrate with major fiat currencies, providing users with convenient on-ramps from launch. Off-ramping functionalities are also being developed, enabling users to convert USDT back to their desired fiat currency and withdraw it to their bank account or card.

While TON represents a significant addition to Tether's blockchain partners, the majority of USDT's $109.8 billion circulating supply remains on the Tron Network, which currently holds around $57 billion worth of USDT. Ethereum, previously the largest Tether host, has seen its share decline as Tether seeks to mitigate Ethereum's high network fees. Solana ranks third in terms of USDT holdings, with $1.9 billion on the platform.

Market Impact and Competitive Landscape

USDT's dominance in the stablecoin market remains unwavering, with a commanding 69% share valued at approximately $159.5 billion, according to CoinGecko data. Its closest competitor, Circle's USD Coin (USDC), holds a market share of roughly 21%, with $33 billion in circulation.

The announcement of USDT's launch on TON elicited a positive response in the cryptocurrency market, with the price of Toncoin (TON) initially surging by 22%. However, it subsequently retraced to previous levels and is currently trading at $6.16, down 1.59% over the past 24 hours.