In an exciting development for the entire digital asset sector, Tether has announced that it is expanding its USDT and its gold-pegged stablecoin to the Open Network (TON). Indeed, Tether’s US dollar-backed coin will go live on TON from April 20.
What’s more, Tether has said that its gold-backed stablecoin, XAUT, will launch on TON in the months following USDT, as per a statement to The Block by CEO Paolo Ardoino. This will then mark just the second blockchain that Tether’s gold-pegged stablecoin has expanded to. The first of those was Ethereum.
Tether Expands USDT and Gold-Backed Stablecoin to TON
The Open Network and its native asset Toncoin (TON) have had a lively 2024 thus far. The Telegram-founded network has begun rolling out plans for what it calls a TON-based economy. Per CoinMarketCap , those updates have seen the aforementioned Toncoin rise by over 66% in the past 30 days.
Now, a recent announcement has suggested that there is much more growth to come for the network. Specifically, Tether has said that it is expanding both USDT and its gold-backed stablecoin, XAUT, to the TON network. While USDT is already available on a plethora of blockchains, the gold-backed token will see its second network beyond Ethereum.
Adoino commented, “The launch of USDT and UAUT on TON will allow for seamless value transfer, boosting activity and liquidity while offering users a financial experience that can match those found within traditional financial systems.”
He also made note of the 900 million monthly active users that Telegram currently boasts. That would then collide with the 30+ million users that Tether has across the globe. Ardoino noted that this partnership will hopefully allow both ecosystems to “mutually empower each other” through integrations.
The development comes as USDT sees its circulating supply surpass 109 billion. Furthermore, its gold-backed XAUT has a circulating supply of just over 246,000. The integration should bolster adoption and prominence of the latter, especially as gold has seen renewed popularity with investors throughout the first four months of the year.
