- Tether is bringing its stablecoins backed by gold (XAUT) and the US currency (USDT) to The Open Network (TON).
- According to Tether CEO Paolo Ardoino, XAUT will launch on TON on April 20 and USDT on TON on April 20.
Tether, the creator of stablecoins, is introducing its USDT and XAUT stablecoins on The Open Network (TON -1.032%) blockchain, which are backed by the US dollar and gold, respectively.
Tether CEO Paolo Ardoino told The Block that USDT on TON would launch on April 20 and XAUT on TON will follow in the upcoming months. Although USDT is accessible on more than a dozen blockchains, TON is the second blockchain that XAUT is growing upon, behind Ethereum, according to Ardoino.
“The launch of USDT and XAUT on TON will allow seamless value transfer, increasing activity and liquidity while offering users a financial experience that can match those found in the traditional financial system,” Ardoino stated.
According to Tether, putting USDT and XAUT on the TON blockchain would contribute to increasing access to decentralized apps in a variety of industries, like as gaming and payments.
Tether’s TON growth coincides with the recent attention that the Layer 1 blockchain has received. The messaging app Telegram announced intentions in February to use Toncoin, the native cryptocurrency of TON, to pay prizes to channel owners and split advertisement revenue with them.
Telegram boasts 900 million active users each month and an impressive ecosystem. Globally, Tether has over 300 million users. Ardoino told The Block that Tether and Telegram can strengthen each other’s ecosystems.
As USDT’s circulating supply surpasses 109 billion, Tether integrates TON. The current supply of XAUT, a lesser stablecoin, is more than 246,000.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
