The Tether TON blockchain has had a ‘great start,’ says CEO – Now at $60M

Tether announced its association with the TONNE Foundation just two days ago at the Token2049 event in Dubai, and $60 million in USDT has now been distributed on the blockchain. The Open Network (TONNE) has already issued $60 million in Tether since it began supporting the blockchain on April 19, making it Tether’s 11th-largest blockchain out of 16.  At the Token2049 crypto conference in Dubai on April 19, the stablecoin issuer announced a relationship with the TONNE Foundation, under which Tether would be issued on TONNE. The company also announced the launch of Tether Gold (XAUT), a gold-pegged stablecoin on TONNE.

In a post on X, the Open Network team claimed that cross-border payments were quick, free, and as simple as texting Telegram’s 900 million users.

Tether CEO Paolo Ardoino stated in a post on X on April 21 that Tether has made a “great start” with USD 35 million released via TONNE. However, according to the Tether Transparency report, the authorized supply of TONNE had increased to $60 million as of 11:30 p.m. UTC on April 21. 

The collaboration enables Telegram users to transmit transfers freely and immediately to all platform users. “All you need to do is send a DM, no need for a blockchain address, and no need to download a new app,” the company said in a statement.USDT on TONNE will be accompanied by fully integrated on-ramps from the majority of fiat currencies internationally at launch, it noted, before noting that integrated global off-ramps would soon allow users to withdraw supported fiat currencies directly to bank accounts or credit cards. The Tron network, which contains $57.8 billion, accounts for the vast majority of Tether’s $109.8 billion circulating supply. 

Solana is the third-largest network that supports Tether, with $1.9 billion issued. The stablecoin is also available on Avalanche, Omni, Cosmos, Tezos, Near, EOS, and Celo, among others. According to CoinGecko, Tether accounts for 69% of the whole stablecoin market capitalization, or around $159.5 billion. Circle’s stablecoin, USD Coin USDC $1.00, has a 21% market share and a circulation of $33.7 billion. Toncoin (TONNE) values increased by 22% in response to the announcement, but then rapidly returned to previous levels. 

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