Tether, the company behind the market’s largest stablecoin, USDT, has made a significant expansion move that has sent the price of Toncoin, the native token of The Open Network (TON), soaring 17% in the last 24 hours.
Tether expands reach to 15 blockchains
On Friday Tether announced launching its USDT dollar-pegged token and Tether Gold (XAUT), a gold-backed digital token, on The Open Network. This development marks an important step for Tether and expands its presence 15 blockchains.
The integration of TON with Telegramwhich has more than 900 million users worldwide, is expected to provide a “seamless and borderless” experience for peer-to-peer (P2P) payments across Telegram’s user base.
With the introduction of USDT and XAUT on TON, Tether aims to facilitate the easy transfer of value between users in the TON ecosystem and others blockchain networks while increasing transfer speed and reducing costs.
Paolo Ardoino, CEO of Tether, expressed his excitement about the launch and emphasized their support for The Open Network’s vision of an open and ‘decentralized internet’. Ardoino stated:
We are excited to bring USD₮ and XAU₮ to The Open Network as we support the vision of an open and decentralized internet and a borderless financial system. The launch of USD₮ and This furthers our mission to enable open financial infrastructure in the blockchain space.
11 million TON tokens to drive USDT and XAUT adoption
Meanwhile, The Open Network claims to “revolutionize” global peer-to-peer payments, allowing Telegram users to send money instantly without needing a blockchain address or downloading a new app.
Notably, USDT on TON will be complemented by fully integrated on-ramps supporting most fiat currencies worldwide. Additionally, integrated global off-ramps will facilitate users’ withdrawal of supported fiat currency directly to their bank accounts or cards.
The TON Foundation has allocated 11 million TON tokens as an incentive to drive adoption. Five million TON will be used to increase rewards in USDT/TON liquidity pools on TON decentralized exchanges (DEXs) such as StonFi and Dedust.
Another 5 million TON will be distributed to users who deposit USDT into Telegram’s wallet’s Earn campaign. Furthermore, withdrawals to TON from supporting exchanges such as OKEx, Bybit and KuCoin will be free for all users until the end of June 2024.
Ultimately, the introduction of USDT and XAUT on TON, linked to the incentives This is expected to accelerate the adoption of TON and make it a “faster, simpler and more cost-effective” cross-border payment system compared to traditional financial services, according to The Open Network’s announcement.
Toncoin price increases
Following the announcement of the partnership, Toncoin price rose and reached a high of $8.02 on Friday. This marked the end of a sharp decline over the past week since the token reached its value highest ever (ATH) from $8.79 on April 11. After reaching the new ATH, Toncoin price fell to a low of $5.42 on Saturday, April 13.
However, with the recent partnership announcement, Toncoin price has regained its bullish momentum and is currently trading at $6.59.
The aim is to surpass the price resistance level at USD 7.70, which will pave the way for it to reach and surpass the USD 8 mark. This would set up a favorable trajectory for Toncoin price to capture and surpass its current ATH.
Featured image from Shutterstock, chart from TradingView.com
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