Tether, a prominent company in the stablecoin market, unveiled the availability of its USDT and XAUT products on The Open Network (TON), a decentralized blockchain platform previously linked to Telegram’s messaging app.
Based on information from a press announcement to CryptoPotato, the introduction of USDT and XAUT on TON increases Tether’s reach in the cryptocurrency world, extending its influence to more than a dozen blockchain networks.
Tether Launches USDT and XAUT on TON
Introducing USDT and XAUT on TON: These digital currencies will offer Telegram’s massive 900 million user community, as well as the network itself, a borderless way to make P2P transactions and effortlessly transfer value between different ecosystems and blockchains.
In response to the recent advancement, Tether’s CEO Paolo Ardoino expressed his enthusiasm: “We’re thrilled to introduce USDt and XAUDt on The Open Network. We share their goal of an open, decentralized web and a financially inclusive world.”
Moreover, the integration of Tether into TON will increase its operational pace and market depth, making it simpler for developers to secure funding for different applications. Tether announced this step as a demonstration of their commitment to TON and its continuous growth.
“Introducing USD\_, XAU\_ on TON: Facilitate effortless value transfers, boost engagement and market fluidity, delivering a comparable financial experience to traditional systems. This alignment with our goal of providing open financial frameworks across the blockchain universe, according to Ardoino.”
USDT Now on 15 Blockchains
After the addition of stablecoins to TON, USDT is now accessible on 15 different blockchain networks. Some of these networks include Ethereum, Tron, EOS, Algorand, Avalanche, Liquid Network, Near, Polygon, Solana, Bitcoin Cash’s Standard Ledger Protocol, Statemint, and Tezos.
Shortly following USDT’s debut on the eco-friendly Ethereum alternative, Celo, this digital currency may function as a gas currency within the network.
Additionally, USDT surpassed the $100 billion market capitalization mark last month. Currently, according to CoinMarketCap data, its market cap stands at approximately $109 billion.
In the meantime, Tether has broadened its scope beyond just stablecoins. According to a report from CryptoPotato published yesterday, the company introduced a new multifaceted initiative. This expansion includes forays into Bitcoin mining, peer-to-peer communication platforms, artificial intelligence, and digital skills education.
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2024-04-19 14:32