Tether Operations Limited (Tether), the largest company in the digital asset industry, today announced that it has launched its U.S. Dollar pegged Tether token (“USD₮”) and Tether Gold (XAU₮), a gold-backed digital token, on The Open Network (TON).
This development marks a significant expansion of Tether’s presence, bringing its coverage to a total of 15 blockchains. The TON blockchain works with Telegram, meaning USD₮ and XAU₮ on TON have the potential to provide a simple, borderless experience for peer-to-peer (P2P) payments for Telegram’s user base, which Telegram estimates at over 900 million global users.
TON offers a decentralized alternative to the conventional internet through blockchain technology. Not only does TON provide essential services like decentralized storage and payments to support decentralized applications (dApps), but it also works with the popular Telegram messaging service. This integration provides convenient access to decentralized services for Telegram’s extensive user base, enhancing the overall user experience. TON also offers a high-speed blockchain and Toncoin, its native cryptocurrency. Toncoin facilitates borderless access to decentralized applications spanning various domains such as payments, storage, gaming, and more.
The introduction of USD₮ and XAU₮ on TON will facilitate seamless value transfer between users on TON’s ecosystem and other blockchain networks, allowing a swift, secure, and cost-effective process. With Tether’s launch of USD₮ and XAU₮ on TON, users will gain access to a peer-to-peer digital dollar and digital gold experience that represents a borderless financial system. This integration is poised to boost activity and liquidity on TON, simplifying access to capital for developers and users across various use cases while offering benefits for users by allowing them to hold and move USDt with their TON wallet. The inclusion of USD₮, the widest and most utilized stablecoin in the industry, offers significant support for TON in its ongoing development of a robust financial and payments infrastructure.
Paolo Ardoino, CEO at Tether, expressed enthusiasm about the launch, stating, “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. 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.”
This announcement further solidifies USD₮’s position as the most widely adopted stablecoin, having pioneered the concept in the digital token space. The stablecoin is now live on 15 networks, including Algorand, Avalanche, Celo, Ethereum, EOS, Liquid Network, Near, Polygon, Solana, Bitcoin Cash’s Standard Ledger Protocol, Statemint, Tezos, and Tron.