In what is an interesting development for the digital asset sector as a whole, Tether has announced that its USDT and gold stablecoins are expanding to the Open Network (TON). Indeed, Tether’s US dollar-backed is set to go live on TON starting April 20th.
Moreover, Tether has said that its gold-backed XAUT stablecoin will debut on TON in the months following USDT’s arrival, according to CEO Pailo Ardoino’s statements to The Block. Subsequently, this will mark only the second blockchain that the Tether gold-backed stablecoin has expanded two. The first of those was Ethereum.
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Tether Expanding USDT and Gold-Backed Stablecoin to TON
The Open Network and its native Toncoin (TON) asset have enjoyed a rather eventful 2024 thus far. The messaging application has begun to roll out plans for what it has called a TON-based economy. Those updates have led the aforementioned Toncoin to surge more than 66% over the last 30 days, according to CoinMarketCap.
Now, a most recent announcement has indicated even more growth for the network. Specifically, Tether has announced that it is expanding its USDT and gold-backed XAUT stablecoin to the TON network. Although USDT is available on a plethora of blockchains already, the gold-backed token will see its second expansion network beyond Ethereum.
Also Read: Tether USDT Stablecoin Circulating Supply Passes $100 Billion
“The launch of USDT and UAUT on TON will allow seamless value transfer, increasing activity and liquidity while offering users a financial experience that can match those found in traditional financial systems,” Adoino remarked.
Additionally, he noted the 900 million monthly active users that TElegram currently enjoys. Subsequently, that should collide with Tether’s 300+ million users across the world. Ardonio notes this collaboration hopes to allow both ecosystems to “empower each other,” through the integration.
The development takes place as USDT has seen its circulating supply exceed 109 billion. Alternatively, its gold-backed XAUT has a supply that is just above 246,000. The integration should help the latter increase in adoption and prominence. Especially as gold has surged in popularity with investors throughout the first four months of the year.