Tether Expands to The Open Network, Boosting Toncoin by 17%
In a pivotal move, Tether, the powerhouse behind the largest stablecoin in the crypto sphere, USDT, has unveiled its expansion onto The Open Network (TON). This strategic development catalyzed a remarkable 17% surge in Toncoin's price in a mere 24-hour timeframe. On Friday, the stablecoin titan announced the debut of its USDT and Tether Gold (XAUT), a gold-backed digital token, on TON, marking Tether's presence on 15 different blockchains.
The fusion of TON with Telegram, boasting an impressive global user base of over 900 million, promises a "seamless and borderless" peer-to-peer (P2P) payment experience. Through the integration of USDT and XAUT on TON, Tether eyes facilitating effortless value transfers across the TON ecosystem and beyond, while enhancing transfer speeds and slashing costs.
Paolo Ardoino, Tether's CEO, voiced his enthusiasm about the venture, reinforcing Tether's support for TON's vision of a "decentralized internet." “The launch of USDT and XAUT on TON will allow for seamless value transfer, increasing activity and liquidity while matching the financial experiences of traditional systems,” Ardoino remarked. This endeavor further solidifies Tinder's mission to drive open financial infrastructure across the blockchain landscape.
TON aspires to "revolutionize" global P2P payments, enabling Telegram users to swiftly transfer money without requiring a blockchain address or downloading another app. The introduction of USDT on TON will be supplemented by comprehensive on-ramps supporting a vast array of fiat currencies globally. Furthermore, integrated off-ramps will enable the straightforward withdrawal of supported fiat currencies directly to bank accounts or cards.
To spearhead adoption, the TON Foundation has earmarked 11 million TON tokens as incentives. A significant portion of this, 5 million TON, will be directed towards augmenting rewards in USDT/TON liquidity pools on decentralized exchanges like StonFi and Dedust. Another 5 million TON will be allocated to users who deposit USDT to Telegram’s wallet Earn campaign. Supporting exchanges such as OKEx, Bybit, and KuCoin will offer free withdrawals to TON until the end of June 2024, fostering further adoption.
The roll-out of USDT and XAUT on TON, alongside the lucrative incentives, is poised to fast-track TON's adoption and establish it as a more efficient cross-border payment system compared to traditional financial offerings. Following the partnership announcement, Toncoin's price skyrocketed, achieving a high of $8.02 on Friday. This surge marked a recovery from a recent slump, with Toncoin aiming to breach the $7.70 resistance level and eyeing a new all-time high.
By integrating with a widely-adopted platform like Telegram, Tether is not just expanding its blockchain footprint but also setting a new precedent for digital currency utility and accessibility. As the digital currency realm continues to evolve, Tether and TON's collaboration serves as a critical step towards a more interconnected and efficient global payment system.
Analyst comment
Positive news: Tether’s expansion onto The Open Network and integration with Telegram’s global user base has led to a 17% surge in Toncoin’s price. With the aim of revolutionizing global P2P payments, Tether’s presence on TON will facilitate seamless value transfers, increase liquidity, and match the financial experiences of traditional systems. The introduction of USDT on TON, along with incentives and support from exchanges, is expected to fast-track TON’s adoption and establish it as a more efficient cross-border payment system. Toncoin’s price has already seen a significant recovery and aims for a new all-time high. As Tether expands its footprint and sets a precedent for digital currency utility and accessibility, this partnership represents a critical step towards a more interconnected and efficient global payment system. The market is expected to respond positively to these developments.
