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USDT, XAUT launches on TON


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The world’s largest stablecoin issuer, Tether has announced the launching of its U.S. dollar-pegged stablecoin USDT and gold-pegged stablecoin XAUT on The Open Network (TON). The Chief Executive Officer of Tether, Paolo Ardoino made the disclosure on Friday alongside Telegram founder Pavel Durov while giving a keynote presentation at a crypto event; Token2049 in Dubai.  

Also, the official page of the stablecoin issuer on X (formerly Twitter) confirmed the development. Hence, launching the USDT and XAUT on TON marks another landmark in the stablecoin issuer’s expansion to numerous blockchains. So far, Tether has expanded to 15 blockchains which include well-known networks like Ethereum, Tron, Binance Smart Chain, Arbitrum, Avalanche, Polygon, Solana, and many others.

More so, the recent expansion to TON underlines how Tether is enhancing its relationship with the web3 ecosystem of Telegram. Don’t forget that The Open Network is a decentralized internet designed by Telegram which makes TON blockchain compatible with the popular messaging application. 

Therefore, following the expansion, USDT and XAUT on the network will give Telegram’s estimated 900 million users the opportunity to enjoy a seamless and boardless experience for peer-to-peer transactions. Additionally, the expansion represents a new height for TON which has enjoyed significant progress of late. Recently, The Open Network emerged as the eighth-largest blockchain and cryptocurrency by market cap. 

Insights into Tether’s Expansion USDT, XAUT to TON

Meanwhile, Paolo Ardiono provided more information about the expansion of USDT and XAUT to The Open Network. The CEO explained how Tether and TON have the same vision of building an open and decentralized internet and a boardless payment platform. Further, Ardiono explained how the presence of USDT and XAUT on TON will facilitate seamless value transfer and improve liquidity.

He added that the expansion will provide users with a financial experience that is similar to what the traditional financial system offers. Similarly, the Marketing Head of TON Foundation, Jack Booth also echoed the submission of Paolo Ardiono. The executive illustrated how TON ecosystem supports the transfer of funds using fiat and crypto and it has the vision of overtaking traditional finance in terms of users’ experience. 

However, during the event, Tether revealed that it is restructuring and unveiled new business units namely, Tether Data, Tether Finance, Tether Power, and Tether Edu. It is worth mentioning that Tether’s expansion to TON surfaced after USDT attained an all-time high market capitalization of $100 billion. With the landmark height, USDT extended its reign over the stablecoin landscape, accounting for more than 70% of its total market value. 

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David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

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