In an ambitious move to broaden its horizon within the digital currency landscape, stablecoin giant Tether announced its plans to expand its suite of stablecoins, including the widely used US dollar-backed USDT and the gold-backed XAUT, onto The Open Network (TON) blockchain. This strategic integration, confirmed to CryptoSlate on April 19, is expected to significantly enhance the utility of these stablecoins for an array of financial transactions.
This expansion is targeted toward facilitating easier and more efficient cross-border and peer-to-peer transactions. Tether’s initiative is poised to impact positively the 900 million users of the TON-related Telegram messaging application, a platform renowned for its embrace of cryptocurrency and blockchain innovations.
Tether articulated the potential benefits of this integration, noting, “This integration is poised to boost activity and liquidity on TON, simplifying access to capital for developers and users across various use cases while offering benefits for users by allowing them to hold and move USDt with their TON wallet.” The company’s CEO, Paolo Ardoino, echoed these sentiments, expressing that the move aligns with Tether’s long-standing mission to “power open financial infrastructure across the blockchain space.”
The TON blockchain, recognized for its fast-paced growth and decentralized nature, benefits from its association with Telegram. The network’s native token, Toncoin, has seen a remarkable 135% growth over the past year, catapulting it into the ranks of the top 10 digital assets by market capitalization. This growth narrative underscores TON’s emerging role as a meaningful player in the broader blockchain ecosystem.
In parallel with its blockchain expansion endeavors, Tether has been actively increasing its USDT stablecoin supply, responding adeptly to the prevailing market demand. Cryptocurrency analytics platforms highlighted notable activities from Tether since March, indicating a substantial minting operation underway. Specifically, Tether minted $10 billion USDT since the start of March and, following up with recent activities, added another $1 billion USDT, summing up to $11 billion minted in this period.
Commenting on these developments, Paolo Ardoino elucidated that the minting efforts were geared toward bolstering Tether’s reserves in anticipation of a spike in demand for the stablecoin. He outlined that the newly minted tokens, while authorized, would not immediately enter circulation but would rather be held in Tether’s Treasury, ready to be issued as market demand dictates.
As the largest stablecoin by market capitalization, Tether’s operational and strategic initiatives continue to play a crucial role in shaping the stablecoin market’s landscape. Currently, USDT is interoperable across 15 blockchain networks, including major players like Ethereum, Tron, and Solana. Tether’s commitment to transparency is evident in its reporting, with the firm disclosing a circulating supply of approximately $109.5 billion and a total supply close to $114 billion, underscoring its dominance and influence in the digital currency domain.
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