Tether CEO further explained that expanding USDT and XAUT on The Open Network will help in the improvement of decentralized applications across different sectors.
Tether, the prominent stablecoin issuer behind USDT, has made an announcement regarding the integration of its stablecoins on The Open Network (TON) blockchain. At the Token2049 crypto event in Dubai, Tether’s CEO Paolo Ardoino unveiled plans to launch both the US dollar-pegged USDT and the gold-backed Tether Gold (XAUT) stablecoins on the TON network.
Ardonio emphasized the impact of the expansion to the blockchain network; he revealed that the launch of USDT and XAUT on TON is expected to facilitate seamless value transfers and enhance liquidity within the ecosystem. By leveraging the blockchain, users can anticipate an experience comparable to traditional financial systems, while benefiting from the advantages of decentralized cryptocurrency infrastructure.
Tether’s CEO further explained that expanding USDT and XAUT on The Open Network will help in the improvement of decentralized applications across different sectors, ultimately enhancing the functionality and utility of the TON ecosystem. It will also boost usage and seamless transaction between its telegram users.
According to the announcement, the USDT stablecoin will go live on the blockchain on April 20th, marking a milestone in Tether’s expansion strategy. The XAUT stablecoin will follow suit, although a specific launch date was not provided. This development represents growth for XAUT, as it will now be available on a second blockchain network, extending its reach beyond Ethereum.
The decision to integrate USDT and XAUT on the TON blockchain not only signifies an important step for Tether but also bolsters TON’s standing within the cryptocurrency market. Recently, its native cryptocurrency, Toncoin, surpassed the popular meme-coin Dogecoin in market capitalization, solidifying its position as a significant player in the crypto space.
Toncoin Trading Volumes and Price Surge after Announcement
The integration of Tether’s stablecoins on TON promises to deliver a more streamlined financial experience for traders and investors within its ecosystem. This development has already had an impact on the market performance of Toncoin, with the announcement triggering a surge in trading volume and price appreciation.
In the hours following the news, Toncoin’s trading volume skyrocketed by 125%, while its price experienced a 30% increase. This uptick in trading activity and price appreciation reflects the confidence and optimism of traders and investors in the potential of the TON ecosystem, buoyed by the integration of Tether’s stablecoins. Moreover, Toncoin has risen to rank 8th in market capitalization, solidifying its position as a formidable player in the cryptocurrency market.
The growth of the coin’s popularity and market performance has been further reinforced by a recent announcement from Telegram. The messaging app declared recently that it will officially accept Toncoin as a payment method for advertisements on its platform. This development has also been part of the driving force behind the adoption and increase of onboarding within the TON ecosystem.
next