Leading stablecoin issuing company Tether announced the launch of its products, USDT and XAUT, on The Open Network (TON), a decentralized blockchain network formerly related to the popular messenger app – Telegram.
According to a press release sent to CryptoPotato, the launch of USDT and XAUT on TON expands Tether’s presence across the crypto sphere, bringing its coverage to over a dozen blockchains.
Tether Launches USDT and XAUT on TON
The launch of USDT and XAUT on TON will provide the network and Telegram’s 900 million user base with a borderless experience for peer-to-peer (P2P) payments and seamless value transfers between the ecosystem and other blockchains.
Commenting on the latest development, Tether CEO Paolo Ardoino said: “We’re excited to bring USD₮ and XAU₮ to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system.”
Additionally, the integration will boost TON’s activity and liquidity, easing developers’ access to capital across various use cases. Tether said the move also indicates its support for TON and its ongoing development.
“The launch of USD₮ and XAU₮ 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. This furthers our mission of powering open financial infrastructure across the blockchain space,” Ardoino added.
USDT Now on 15 Blockchains
Following the integration of the stablecoins on TON, USDT is now live on 15 blockchains, including Ethereum, Tron, EOS, Algorand, Avalanche, Liquid Network, Near, Polygon, Solana, Bitcoin Cash’s Standard Ledger Protocol, Statemint, and Tezos.
This development comes shortly after USDT launched on the carbon-negative Ethereum Virtual Machine-compatible Celo network. The arrangement could see the stablecoin become a gas currency on the network.
Also, USDT recently crossed the $100 billion market cap milestone last month. At the time of writing, the figure had grown to $109 billion, per data from CoinMarketCap.
Meanwhile, Tether has expanded its business beyond stablecoins. CryptoPotato reported yesterday that the company unveiled a new framework encompassing different initiatives, including data, finance, power, and education. Tether has ventured into Bitcoin mining, P2P communication platforms, artificial intelligence, and digital skills education.
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