n April 19th, Tether announced a collaboration with TON Foundation to begin minting USDT stablecoins on The Open Network blockchain. TON is the native blockchain for Telegram, one of the world's largest messaging platforms with over 900 million users. This marked the 11th blockchain on which Tether is issued.
As part of the partnership, Tether revealed it would also launch Tether Gold (XAUT) stablecoins pegged to physical gold on TON. The collaboration allows Telegram users to transfer USDT and XAUT between each other instantly and freely through direct messages. Transfers require no blockchain address and no separate app - integrations aim to create a smooth user experience.
Rapid Growth on TON
In the first two days after launch, over $35 million USDT were already circulating on TON according to Tether CEO Paolo Ardoino. As of April 21st, the total authorized USDT supply issued on TON had jumped to $60 million based on Tether's transparency report.
This swift growth highlights early enthusiasm among Telegram users for stablecoin transfers through the familiar platform. It also exemplifies how integrating cryptocurrency features within widely used networks like Telegram can boost adoption. Removing frictional onboarding barriers seems crucial to mainstream accessibility.
Implications and What's Next
With over $60 million USDT in under two weeks, TON is now the 11th largest network for the stablecoin. With Telegram's huge cross-border audience, the partnership could see volumes continue climbing rapidly.
Tether plans to accompany USDT on TON with integrated global fiat onramps and future offramps allowing direct bank withdrawals. This vision of stablecoin utility complements Telegram's vision of fast, low-cost value transfer worldwide.
The swift growth also suggests strong potential for additional collaborations between cryptocurrency projects and popular networks. As platforms integrate stable digital assets, it could pull billions of global users into everyday cryptocurrency usage.
This new model of partnering projects with established networks may be key to taking adoption mainstream. It eliminates friction for new users and brings crypto to where people already are, like messaging. Tether and TON's progress demonstrates the potential of this approach for the future.
Tether's Leadership and What's Next for TON
With a $109.8 billion market cap, Tether remains the dominant stablecoin by far. Its collaboration with TON shows a willingness to explore innovations beyond Ethereum.
TON also aims to become a leading blockchain in its own right. With a strong start, it will aim to attract further projects and grow usage of its Toncoin cryptocurrency.
The future remains uncertain but cooperation between crypto and traditional tech seems a promising path. Partnerships that improve access could bring the technology to hundreds of millions more. Tether and TON may have opened the door to future progress through such collaboration between spheres.
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