The stablecoin landscape is witnessing a significant development as Tether, the industry leader, has rapidly expanded its footprint to The Open Network (TON). Within just two days of integrating with TON on April 19th, Tether has issued a remarkable $60 million worth of its USDT stablecoin on the blockchain.
This integration marks TON as the 11th blockchain to host Tether’s stablecoin, further solidifying its dominance in the market. The partnership also saw the launch of Tether Gold (XAUT), a gold-pegged stablecoin offering users additional diversification options.
The integration holds significant implications for Telegram users, enabling instant and free cross-border payments between all platform users without the need for blockchain addresses or separate apps.
One of the key advantages of Tether on TON is its seamless integration with fiat currencies. Users can expect easy on-ramping from most global currencies at launch, with off-ramping functionalities planned soon, allowing for direct conversion of Tether to fiat and withdrawal to bank accounts or cards.
While TON is a new addition, Tether’s dominance remains strong on other networks, with over $57.8 billion worth of USDT on Tron and $51 billion on Ethereum. Solana stands as the third-largest Tether host with $1.9 billion.
Tether’s market share is unparalleled, holding a staggering 69% of the entire stablecoin market, valued at roughly $159.5 billion. Its closest competitor, Circle’s USD Coin (USDC), holds a 21% share with $33.7 billion in circulation.
