Since Tether began supporting The Open Network (TON) on April 19, $60 million worth of Tether has been issued on the platform.
This places TON as the 11th-largest blockchain for Tether among the 16 that currently support the stablecoin.
The announcement of this initiative was made at the Token2049 crypto conference in Dubai, signifying a strategic collaboration between the stablecoin issuer and the TON Foundation.
Alongside Tether, the firm has also introduced the gold-pegged Tether Gold (XAUT) stablecoin on the TON blockchain.
The Open Network team emphasized the efficiency of this new offering, highlighting that cross-border payments can be made instantly and without fees, as simply as sending a text message to any of Telegram’s 900 million users.
Tether CEO Paolo Ardoino expressed optimism about the partnership’s early results, noting in a social media post on April 21 that $35 million in USDT had already been issued on TON within the first two days.
This figure has since increased to $60 million according to the latest Tether Transparency report.
The integration with Telegram allows users to send money seamlessly through direct messages without the need for blockchain addresses or additional applications.
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The platform also supports fully integrated on-ramps for most global fiat currencies at launch, and plans are in place to introduce global off-ramps that will facilitate withdrawals directly to bank accounts or cards.
Despite these developments on TON, the majority of Tether’s $109.8 billion circulating supply remains on the Tron network, which hosts $57.8 billion.
Ethereum follows with $51 billion in circulation, although this figure has been decreasing as Tether expands to other blockchains to mitigate high network fees associated with Ethereum.
Other blockchains supporting Tether include Solana, which ranks third with $1.9 billion issued, and several others such as Avalanche, Omni, Cosmos, Tezos, Near, EOS, and Celo.
In the broader stablecoin market, Tether maintains a dominant position with a 69% market share of the total $159.5 billion stablecoin market capitalization, as per data from CoinGecko.
Circle’s USD Coin, the nearest competitor, holds a 21% market share with $33.7 billion in circulation.
Following the announcement, the price of Toncoin spiked by 22%, although it quickly reverted to its prior levels. As of the latest update, Toncoin is trading down 1.6% at $6.13.
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